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.
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