{"id":464274,"date":"2022-06-17T11:21:27","date_gmt":"2022-06-17T08:21:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/gbtc-premium-hits-34-all-time-low-as-crypto-funds-puke-out-tokens\/"},"modified":"2022-06-17T11:21:27","modified_gmt":"2022-06-17T08:21:27","slug":"gbtc-premium-hits-34-all-time-low-as-crypto-funds-puke-out-tokens","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/gbtc-premium-hits-34-all-time-low-as-crypto-funds-puke-out-tokens\/","title":{"rendered":"# GBTC premium hits -34% all-time low as crypto funds \u2018puke out\u2019 tokens"},"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-6a4196a4b8949\" 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-6a4196a4b8949\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/gbtc-premium-hits-34-all-time-low-as-crypto-funds-puke-out-tokens\/#%E2%80%9D_GBTC_premium_hits_-34_all-time_low_as_crypto_funds_%E2%80%98puke_out_tokens_%E2%80%9C\" >&#8221; GBTC premium hits -34% all-time low as crypto funds \u2018puke out\u2019 tokens &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/gbtc-premium-hits-34-all-time-low-as-crypto-funds-puke-out-tokens\/#GBTC_suffers_in_market_downturn\" >GBTC suffers in market downturn<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/gbtc-premium-hits-34-all-time-low-as-crypto-funds-puke-out-tokens\/#Hayes_names_D-Day_for_crypto_market_bottom\" >Hayes names D-Day for crypto market bottom<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_GBTC_premium_hits_-34_all-time_low_as_crypto_funds_%E2%80%98puke_out_tokens_%E2%80%9C\"><\/span>&#8221; GBTC premium hits -34% all-time low as crypto funds \u2018puke out\u2019 tokens &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The largest Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), is now trading at its biggest ever discount to the spot market.<\/p>\n<p>Data from on-chain analytics resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/Grayscale\">Coinglass<\/a> shows GBTC shares down 34% versus BTC\/USD on major exchanges as of June 17.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"GBTC_suffers_in_market_downturn\"><\/span>GBTC suffers in market downturn<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Amid continued turmoil in DeFi spilling over to infect the crypto market, conditions have deteriorated for investors big and small.<\/p>\n<p>The latest figures now show that institutions have definitively failed to avoid the contagion, and the already underperforming GBTC has hit new lows.<\/p>\n<p>The GBTC premium, long a misnomer due to the fund\u2019s shares in fact costing less than Bitcoin itself, is circling its lowest values in history. On June 17, these traded at 34.2% cheaper than the Bitcoin spot price (also known as net asset value or NAV).<\/p>\n<p>A sharp downturn accompanied a similar dip on spot markets as BTC\/USD retested $20,000 twice.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/3a93bd49-fe34-4505-9669-8b2dda8271ae.png\"><figcaption style=\"text-align: center;\"><em>GBTC premium vs. asset holdings vs. BTC\/USD chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p>As Grayscale pursues United States regulators for permission to convert GBTC to a Bitcoin spot price exchange-traded fund (ETF), conditions continue to look unfavorable for crypto institutional products amid heightened government attention in the wake of the Terra and Celsius meltdowns.<\/p>\n<p>While the firm remains buoyant on the outlook, GBTC\u2019s performance has not escaped commentators, who point the finger at regulators for what they see as inaccurate risk assessment. <\/p>\n<p>Bitcoin spot ETFs remain outlawed in the U.S. due to investor protection concerns, allowing countries such as Canada and Australia to gain first-mover advantage.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Shares of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$GBTC<\/a> are now 66.9% lower than they were at the peak of 2017 despite <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> trading 5% higher. <\/p>\n<p>Make sure to thank Mr. Gensler for the protection everyone. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Q1cAw8hBtR\">pic.twitter.com\/Q1cAw8hBtR<\/a><\/p>\n<p>\u2014 Dylan LeClair  (@DylanLeClair_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DylanLeClair_\/status\/1537531435736870915?ref_src=twsrc%5Etfw\">June 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cWithout ETF <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>roval GBTC may go to -100% premium to NAV,\u201d Vijay Boyapati <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/real_vijay\/status\/1537560680466812929\">joked<\/a> this week. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Hayes_names_D-Day_for_crypto_market_bottom\"><\/span>Hayes names D-Day for crypto market bottom<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This situation has not been helped by reported liquidity problems at multiple crypto funds with exposure to those already facing severe losses. Embattled Three Arrows Capital (known as 3AC), for example, is the largest GBTC holder with over 38.8 million shares.<\/p>\n<p><strong><em>Related:\u00a0These 3 metrics suggest the Bitcoin price crash is not over<\/em><\/strong><\/p>\n<p>As 3AC fails to meet margin call requirements this week, a marked gap is opening between GBTC and its competition. The ProShares Bitcoin Strategy ETF (BITO), the first U.S. approved ETF based on Bitcoin futures, has even <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/etf\">added BTC<\/a> to its assets under management in recent days.<\/p>\n<p>For Arthur Hayes, former head of derivatives giant BitMEX, some of the biggest names in crypto institutional investing are thus facing a \u201cRiver Styx\u201d moment.<\/p>\n<p>In his latest <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptohayes.medium.com\/floaters-1085be6d6ffd\">blog post<\/a> on June 17, Hayes delivered a fresh blow to the fate of embattled projects Celsius, Terra and more.<\/p>\n<p>\u201cAs this cohort of firms is forced to puke out any asset that is not locked in some long-term yield strategy, look out below,\u201d he predicted.<\/p>\n<blockquote><p>\u201cMore indiscriminate selling of all liquid assets on their loan books will occur so these lending firms may return assets to their retail depositors.\u201d<\/p><\/blockquote>\n<p>Having previously called a bottom of $1,000 for Ether (ETH) and $25,000 for Bitcoin, Hayes acknowledged that the reality had been much worse.<\/p>\n<p>The upcoming July 4 holiday weekend, he added, should provide ideal conditions for a macro bottom, particularly as Q2 comes to a close.<\/p>\n<p>\u201cJune 30 to July 5 is going to be a wild ride to the downside,\u201d the blog post continues.<\/p>\n<blockquote><p>\u201cMy $25,000 to $27,000 Bitcoin and $1,700 to $1,800 Ether bottom levels lay in tatters. How low can we go? I believe we\u2019ll find out on this fateful weekend.\u201d<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\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\/gbtc-premium-hits-34-all-time-low-as-crypto-funds-puke-out-tokens\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; GBTC premium hits -34% all-time low as crypto funds \u2018puke out\u2019 tokens &#8220; The largest Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), is now trading at its biggest ever discount to the spot market. Data from on-chain analytics resource Coinglass shows GBTC shares down 34% versus BTC\/USD on major exchanges as of June&#8230;<\/p>\n","protected":false},"author":1,"featured_media":464275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYTIzZjU4ZmYtZTY2OC00NTc4LWEyNzctMWUzNjdkMmE5OTI4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[82304,74862,80178,74937,75849,82548,76550,73785],"class_list":["post-464274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-arthur-hayes","tag-bitcoin","tag-bitcoin-investment-trust","tag-bitcoin-price","tag-etf","tag-gbtc","tag-grayscale","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464274","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=464274"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/464275"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=464274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=464274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=464274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}