Crypto Blog
Grayscale Bitcoin Trust – the world’s largest Bitcoin fund – reached its lowest point in 22 months last Friday. The decline in the discount has sparked optimism as spot Bitcoin exchange-traded funds in the United States are moving closer to becoming a reality.
In fact, the discount on GBTC started to decrease when BlackRock and several other financial institutions submitted applications for spot Bitcoin ETFs around mid-June. The discount, which was at 44% on June 15, reduced to 26.7% in a span of just three weeks, and it has continued to narrow since then.
The data depicts that this discount has been consistently narrowing since it hit a record low of almost 50% during the depths of the bear market in December of the previous year.The US Securities and Exchange Commission had until October 13th to appeal its dispute with Grayscale Investments over establishing a spot Bitcoin ETF. While a failure to appeal does not mean the regulator is ready to approve one.
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