{"id":194765,"date":"2021-03-05T13:26:54","date_gmt":"2021-03-05T10:26:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/record-gbtc-discount-may-spark-100k-bitcoin-price-rise-analyst\/"},"modified":"2021-03-05T13:26:54","modified_gmt":"2021-03-05T10:26:54","slug":"record-gbtc-discount-may-spark-100k-bitcoin-price-rise-analyst","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/record-gbtc-discount-may-spark-100k-bitcoin-price-rise-analyst\/","title":{"rendered":"# Record GBTC discount may spark $100K Bitcoin price rise \u2014 analyst"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3707d1a28dc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3707d1a28dc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/record-gbtc-discount-may-spark-100k-bitcoin-price-rise-analyst\/#Negative_premium_%E2%80%9Ccould_signal_march_to_100000%E2%80%9D\" >Negative premium &#8220;could signal march to $100,000&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/record-gbtc-discount-may-spark-100k-bitcoin-price-rise-analyst\/#Grayscale_and_competitors_edge_out_gold\" >Grayscale and competitors edge out gold<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Record GBTC discount may spark $100K Bitcoin price rise \u2014 analyst <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) could be in for a $100,000 bull run next if a classic signal from institutions repeats its historical trend.<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1367446282025902080\">tweet<\/a> on March 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that those seeking clues about what lies next for Bitcoin should look at the Grayscale Bitcoin Trust (GBTC).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Negative_premium_%E2%80%9Ccould_signal_march_to_100000%E2%80%9D\"><\/span>Negative premium &#8220;could signal march to $100,000&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Bitcoin fell to $43,000 and continued to linger below all-time highs thereafter, the so-called \u201cpremium\u201d on GBTC flipped negative.<\/p>\n<p>This means that GBTC shares are trading below their so-called net asset price (NAV) \u2014 institutional buyers are able to buy at a discount. In times gone by, such events have both been rare and a pointer for subsequent price upside.<\/p>\n<p>A negative premium was also observed in March 2020, the start of the bull cycle which has brought BTC\/USD from $3,600 to $58,300.<\/p>\n<p>\u201cGrayscale #Bitcoin Trust Discount May Signal March to $100,000,\u201d McGlone wrote. <\/p>\n<blockquote><p>\u201cBitcoin&#8217;s end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/d9f27095-782f-406e-9bf8-281e6b998365.jpeg\"><figcaption style=\"text-align: center;\"><em>GBTC premium vs. BTC\/USD chart. Source: Mike McGlone\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>At the time of writing on Friday, the GBTC premium was in fact lower than at any point since its inception in 2017, at -13%.<\/p>\n<p>Unlike last year, however, there could be other factors influencing its performance. Among them is competition \u2014 GBTC now has to battle for market supremacy alongside proxy exchange-traded funds (ETFs), with the prospect of more likely <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>earing on the market in the near future.<\/p>\n<p>As Cointelegraph reported, Grayscale is expected to lower management fees after new offerings went live from January onwards.<\/p>\n<p>\u201cGrayscale&#8217;s (GBTC) Market Cap is $30 billion. US Purpose Bitcoin ETF (BTCC\/CN) is $454 million CAD. It has been trading 6 days,\u201d Jim Bianco, founder of macro analysis firm Bianco Research, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/biancoresearch\/status\/1365714740157284357\">highlighted<\/a> last week. <\/p>\n<blockquote><p>\u201cNo way a $30 billion GBTC sees enough selling to drive NAV to record negative so only $400 million CAD flows into BTCC.\u201d<\/p><\/blockquote>\n<p>Bianco added that the previous discount periods had been followed by price rises of between two and four times in magnitude.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Grayscale_and_competitors_edge_out_gold\"><\/span>Grayscale and competitors edge out gold<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Enthusiasm about the potential for further gains continues to permeate the Bitcoin ecosystem, with Grayscale CEO Michael Sonnenshein himself <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BloombergLive\/status\/1364992419205435392\">telling<\/a> McGlone that gold outflows alone present a \u201cripe\u201d opportunity for cryptocurrency.<\/p>\n<p>\u201cThere is little doubt in our mind that it is not any kind of coincidence that Q4 2020 saw some of the largest outflows on record from gold investment products at a time when Bitcoin really broke out and hit some of its new all-time high prices,\u201d he said during the Bloomberg Investment Summit on Feb. 25.<\/p>\n<blockquote><p>\u201cCertainly this narrative around Bitcoin being a digital gold or a digital store of value is a pretty widely-held narrative now around the investment community, and so thinking about the popularity of Grayscale products, or really just the ability to gain exposure to digital assets in the form of a security, I think really represents just how much market demand there is.\u201d<\/p><\/blockquote>\n<p>This time around, he reiterated, the landscape had little in common with 2017 and the launch of the first institutional Bitcoin products.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/record-gbtc-discount-may-spark-100k-bitcoin-price-rise-analyst\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Record GBTC discount may spark $100K Bitcoin price rise \u2014 analyst &#8221; Bitcoin (BTC) could be in for a $100,000 bull run next if a classic signal from institutions repeats its historical trend. In a tweet on March 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that those seeking clues about what&#8230;<\/p>\n","protected":false},"author":1,"featured_media":194766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvZmU0NmFlYTMtNDc5ZS00OWJkLTgxNjctYTNlNGRlMGU0YmZmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,82548,76550,73785],"class_list":["post-194765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-gbtc","tag-grayscale","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/194765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=194765"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/194765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/194766"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=194765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=194765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=194765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}