Grayscale GBTC discount hits 2-year low as market eyes BTC ETF approval
The post Grayscale GBTC discount hits 2-year low as market eyes BTC ETF approval appeared on BitcoinEthereumNews.com. Grayscale Bitcoin Trust (GBTC) is seeing its smallest discount in nearly two years amid growing anticipation for potential approval of spot Bitcoin ETFs in the U.S. Recent figures from YCharts indicate that GBTC’s discount to Bitcoin’s net asset value (NAV) has contracted to 15.87% as of Oct. 13. THE GBTC DISCOUNT HAS NARROWED TO 16% AS THE MARKET BETS ON A BITCOIN SPOT ETF APPROVAL. Grayscale’s Bitcoin Trust, commonly known as GBTC, has experienced notable changes in its market dynamics. At the start of this year, GBTC was trading at a significant discount of 48.31%… pic.twitter.com/2nWLmvnewb — The Wolf Of All Streets (@scottmelker) October 13, 2023 The discount to NAV is a crucial metric that indicates how much a mutual fund or ETF is trading below its net asset value. It serves as a gauge to measure the gap between the trading price of a security and its actual worth. The narrowing of GBTC’s discount appears to have been influenced by the filing of spot Bitcoin ETF applications by BlackRock and other financial institutions in mid-June. Data reveals that the discount dropped from 44% on Jun. 15 to 26.7% by Jul. 5 and has been contracting ever since. GBTC’s Discount to NAV chart over the last 12 months | Source: YCharts Daan Rover, a prominent Bitcoin advocate, suggests that the market is factoring in the likelihood of spot Bitcoin ETF approval by the end of the year. Similarly, cryptocurrency investor Lyle Pratt predicts that the GBTC discount will continue to shrink in the coming weeks as the prospect of spot Bitcoin ETF approval becomes increasingly likely. On Oct. 13, reports surfaced that the U.S. Securities and Exchange Commission (SEC) had decided not to contest Grayscale’s earlier legal victory, which aimed to convert its Bitcoin Trust into the first U.S.-based ETF…
The post Grayscale GBTC discount hits 2-year low as market eyes BTC ETF approval appeared on BitcoinEthereumNews.com.
Grayscale Bitcoin Trust (GBTC) is seeing its smallest discount in nearly two years amid growing anticipation for potential approval of spot Bitcoin ETFs in the U.S. Recent figures from YCharts indicate that GBTC’s discount to Bitcoin’s net asset value (NAV) has contracted to 15.87% as of Oct. 13. THE GBTC DISCOUNT HAS NARROWED TO 16% AS THE MARKET BETS ON A BITCOIN SPOT ETF APPROVAL. Grayscale’s Bitcoin Trust, commonly known as GBTC, has experienced notable changes in its market dynamics. At the start of this year, GBTC was trading at a significant discount of 48.31%… pic.twitter.com/2nWLmvnewb — The Wolf Of All Streets (@scottmelker) October 13, 2023 The discount to NAV is a crucial metric that indicates how much a mutual fund or ETF is trading below its net asset value. It serves as a gauge to measure the gap between the trading price of a security and its actual worth. The narrowing of GBTC’s discount appears to have been influenced by the filing of spot Bitcoin ETF applications by BlackRock and other financial institutions in mid-June. Data reveals that the discount dropped from 44% on Jun. 15 to 26.7% by Jul. 5 and has been contracting ever since. GBTC’s Discount to NAV chart over the last 12 months | Source: YCharts Daan Rover, a prominent Bitcoin advocate, suggests that the market is factoring in the likelihood of spot Bitcoin ETF approval by the end of the year. Similarly, cryptocurrency investor Lyle Pratt predicts that the GBTC discount will continue to shrink in the coming weeks as the prospect of spot Bitcoin ETF approval becomes increasingly likely. On Oct. 13, reports surfaced that the U.S. Securities and Exchange Commission (SEC) had decided not to contest Grayscale’s earlier legal victory, which aimed to convert its Bitcoin Trust into the first U.S.-based ETF…
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