The data shows that the Grayscale Bitcoin Trust (GBTC) Bitcoin (BTC) investment vehicle outperformed the new Exchange Traded Funds (ETFs) launched last week.
Figures shared by Grayscale executives among others confirm that GBTC has tacitly made better returns for investors since Oct 19th.
As the discussion of Bitcoin futures ETFs and their impact on the market continues, the industry is protesting solid grayscale.
Amid allegations that newly launched funds are pulling adjustment from GBTC, the company’s executives quickly realized that the latter had actually been the better choice since launch day.
In the seven days to Monday, the GBTC is back at around 8.8%, while the groundbreaking Bitcoin futures ETF, ProShares’ Bitcoin Strategy ETF (BITO), is down 0.5%.
This is partly due to the higher GBTC, which this week hit its lowest discount to spot prices since early September.
Previous concerns have centered on Grayscale’s inability to save negative premiums as more ETFs hit the market, contradicting those who argue that the value propositions of the two instruments are not comparable.
Barry Silbert, CEO of parent company Grayscale Digital Currency Group, added emphasize Greater trading volume from GBTC. As of Monday, the grand total was $ 374 million while BITO was managing $ 286 million.
As Cointelegraph reported, Michael Sonnenshein, CEO of Grayscale, recently reiterated his commitment to convert GBTC into an ETF and officially registered with US regulators.
Meanwhile, the third US Bitcoin ETF was launched on Tuesday, this time by VanEck.
Related: BTC Price ‘Coming To $ 9,000’ – 5 Things To Watch For Bitcoin This Week
Long in the battle with the Securities and Exchange Commission (SEC) to bring such a product to market, the publication marks a line in the sand for long-time market participants.
The fate of physical Bitcoin ETFs – the ones whose BTC was actually delivered – remains pending next month’s decision by the SEC on the first filings.
“If the regulators care enough about the best interests of investors, they will soon approve a physical Bitcoin ETF,” said VanEck director Gabor Gurbacs. To discuss last week.
“14 countries in Europe, Canada, Brazil and others have access to physical Bitcoin ETPs. Physics> Future. “
Renowned trader and analyst Scott Melker Counterattack that an Ethereum futures ETF will precede physical Bitcoin.
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