Bitcoin

Grayscale Bitcoin Trust Premium Hits All-Time Low

The largest Bitcoin investment vehicle, Grayscale Bitcoin Trust (GBTC), is currently trading at the biggest discount ever to the spot market. Dark days for institutional crypto investors as contagion fears grow and asset prices fall.

Data from on-chain analytics resource Coinglass shows GBTC stock down 33% against BTC/USD on major exchanges on June 17.

Amid continued turmoil in DeFi spilling over into the crypto market, conditions have soured for investors large and small. The latest figures now show that institutions have completely failed to avoid the contagion and that the already underperforming GBTC has hit new lows.

The GBTC premium is hovering around its lowest value in history. On June 17, they were trading at 33.71% cheaper than the spot Bitcoin price. A sharp downturn was accompanied by a similar drop in the spot market as BTC retested $20,000 twice.

As Grayscale pursues its goal of converting GBTC into a spot Bitcoin ETF, conditions continue to look unfavorable for institutional crypto products amid increased government attention following the crisis of Terra and Celsius.

Spot Bitcoin ETFs are still outlawed in the US due to investor protection concerns, allowing countries like Canada and Australia to gain a first-mover advantage.

At the time of writing, the price of BTC is still around $21,000 and is looking for momentum to grow in the unfavorable context when the Fed just raised interest rates by 0.75%.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Qubetics Raises $2M: Can It Rival Ripple’s Speed and Binance’s Reach as the Best Crypto Bet of November 2024?

In this landscape, Qubetics ($TICS) has turned heads by raising $2 million in its Presale…

1 hour ago

The $100 Bet: Qubetics at $0.0212 Could Hit $70K, Amid Binance’s Market Impact and Cardano’s Resilience!

Amidst the heavyweights like Binance (BNB) and resilient competitors like Cardano (ADA), Qubetics ($TICS) is…

4 hours ago

Federal Reserve Bitcoin Proposal as Lummis Suggests Selling Gold

Senator Lummis’s Federal Reserve Bitcoin Proposal urges the Fed to sell some gold reserves and…

5 hours ago

Pennsylvania Proposes a Bitcoin Reserve to Recognize BTC’s Value

Pennsylvania proposes a Bitcoin Reserve, aiming to hold BTC as a state reserve asset to…

5 hours ago

For Those Who Missed Avalanche: Qubetics Best Crypto Presale at $0.0212 Offers a Second Chance to Profit Big

Let’s dive into why Qubetics might just be the investment to settle those Avalanche regrets.

6 hours ago

This website uses cookies.