{"id":327458,"date":"2021-08-19T12:48:53","date_gmt":"2021-08-19T09:48:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sub-zero-interest-gbtc-hits-biggest-discount-since-may-bitcoin-price-crash\/"},"modified":"2021-08-19T12:48:53","modified_gmt":"2021-08-19T09:48:53","slug":"sub-zero-interest-gbtc-hits-biggest-discount-since-may-bitcoin-price-crash","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sub-zero-interest-gbtc-hits-biggest-discount-since-may-bitcoin-price-crash\/","title":{"rendered":"# Sub-zero interest? GBTC hits biggest discount since May Bitcoin price crash"},"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-6a3c1a9b5302c\" 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-6a3c1a9b5302c\" 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\/sub-zero-interest-gbtc-hits-biggest-discount-since-may-bitcoin-price-crash\/#Analyst_Grayscale_comeback_%E2%80%9Cwill_take_time%E2%80%9D\" >Analyst: Grayscale comeback &#8220;will take time&#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\/sub-zero-interest-gbtc-hits-biggest-discount-since-may-bitcoin-price-crash\/#Echoes_of_Q4_2020\" >Echoes of Q4 2020<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Sub-zero interest? GBTC hits biggest discount since May Bitcoin price crash <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) investment vehicle the Grayscale Bitcoin Trust (GBTC) is trading at its biggest discount since the May BTC price crash.<\/p>\n<p>Data on Aug. 19 confirms that as BTC\/USD trades near $44,000, GBTC shares are over 16.5% below spot price.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_Grayscale_comeback_%E2%80%9Cwill_take_time%E2%80%9D\"><\/span>Analyst: Grayscale comeback &#8220;will take time&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Grayscale, which has $42 billion in assets under management across its various cryptocurrency funds, has seen institutional interest endure throughout the recent Bitcoin price dip.<\/p>\n<p>Despite some conspicuous buy-ins, however, progress has been slow throughout the period of volatile activity which saw Bitcoin dip from $64,500 to just $29,000.<\/p>\n<p>While spot price has recovered, GBTC interest has lagged, producing a major discount to net asset value (NAV) which has increased, not decreased, with Bitcoin\u2019s recent gains.<\/p>\n<p>This week, the discount even passed its lowest point from July, meaning that it is now at its deepest since the start of May\u2019s price rout.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/27485b0a-64dc-4a25-a3c8-ec96c521c93d.jpg\"><figcaption style=\"text-align: center;\"><em>GBTC premium chart. Source: Bybt<\/em><\/figcaption><\/figure>\n<p>In comments on the fund\u2019s performance, statistician Willy Woo highlighted its management fee in addition to previous trading conditions. <\/p>\n<p>\u201cGBTC reversed due to 2% fee on 600k+ BTC. But it was oversupplied by the frothy arb trade before the dip,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1427467093591527426\">responded<\/a> to popular commentator BTC Archive during a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> debate. <\/p>\n<blockquote><p>\u201cIt will take time for it to find its proper balance again, given they cannot reduce inventory. Corporates bought the dip too, see Microstrategy.\u201d<\/p><\/blockquote>\n<p>GBTC unlocking events, long feared to be a negative market influence, are meanwhile set to come to an end this month, with the vast majority already complete without any noticeable market impact.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Echoes_of_Q4_2020\"><\/span>Echoes of Q4 2020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>That arbitrage trade was a heavy market driver in late 2020 and early 2021, the period in which the most recent Bitcoin bull run really got started, on-chain analytics firm Glassnode <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnode\/status\/1425969382664986630\">noted<\/a> last week.<\/p>\n<p><strong><em>Related:\u00a03 ways this Bitcoin bull run is different than late 2020<\/em><\/strong><\/p>\n<p>This was in relation to outflows from exchanges, which are now at similar levels to that same period, pointing to \u201cheavy accumulation\u201d among HODLers in anticipation of further BTC price rises.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/84b27e2c-2928-472d-9291-9a06b1da1c47.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange net position change annotated chart. Source: Glassnode\/ Twitter<\/em><\/figcaption><\/figure>\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. 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GBTC hits biggest discount since May Bitcoin price crash &#8221; Bitcoin (BTC) investment vehicle the Grayscale Bitcoin Trust (GBTC) is trading at its biggest discount since the May BTC price crash. Data on Aug. 19 confirms that as BTC\/USD trades near $44,000, GBTC shares are over 16.5% below spot price. Analyst: Grayscale&#8230;<\/p>\n","protected":false},"author":1,"featured_media":327459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvY2MxOWQ2YmQtYzJhYi00Y2NhLThiZWEtOTkyMjdlNDRjZDMxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,76550,73785],"class_list":["post-327458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-grayscale","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/327458","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=327458"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/327458\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/327459"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=327458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=327458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=327458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}