Bitcoin (bitcoin) fell to $24,000, its largest institutional investment vehicle costing more than the average investor.
According to the data of monitoring resources on the chain coin glass Grayscale Bitcoin Trust (GBTC) is now trading at a discount of nearly 31% on May 13.
Grayscale CEO: Investors are ‘waiting for things to calm down’
Amid continued market volatility this week, GBTC’s fledgling recovery has stalled for the time being.
The so-called GBTC premium, which has long been in negative territory and thus discounted in practice, is now at an all-time low.
As of May 13, the discount was 30.6 percent, meaning GBTC shares were trading at nearly a third lower than Bitcoin’s spot price, known as its net asset value, or NAV.
These figures mark a marked upturn in premiums, which in mid-April manage to rise up to 21% off.
Overall, however, GBTC has long traded at a discount amid Grayscale’s ongoing attempts to convert it into an exchange-traded fund (ETF).
“Building GBTC requires clarity and conviction, and now Grayscale has shown courage and commitment in converting GBTC into a spot Bitcoin ETF. They deserve your support,” MicroStrategy CEO Michael Saylor, debate This week, Twitter followers were invited to ask U.S. regulators to approve the plan.
Such a move is unprecedented in the U.S., where the U.S. Securities and Exchange Commission (SEC) lags behind authorities in other countries in approving bitcoin spot ETFs.
Meanwhile, despite the turmoil, Grayscale CEO Michael Sonnenshein remains optimistic about demand for GBTC and institutional exposure to Bitcoin.
“I think some investors may be waiting for things to calm down,” he said Tell In an interview with CNBC on May 12.
“I do think that when things settle down and cryptocurrencies start to take hold, you’re going to see some more institutional buyers start to step in, and some have said they’re actually starting to buy at those levels.”
Purpose Bitcoin ETF sees record daily buying
At the Canadian border, the world’s first bitcoin spot ETF instead benefited from this week’s trading conditions.
On May 13, the Purpose Bitcoin ETF increased its holdings by 6,903 BTC in a single day, the largest single-day buying volume in its history.
Currently, Purpose manages 41,620 BTC, surpassing the high of 36,322 BTC set in March of this year.
The jump comes with the Australian launch The first spot ETFone of which, the Cosmos-Purpose Bitcoin Access ETF (CBTC), purchased shares issued by Canadian Purpose.
Important to note: Two Bitcoin ETFs did launch in Australia yesterday. One of them, the Cosmos-Purpose Bitcoin Access ETF ($CBTC), gets exposure to BTC by buying shares of Canadians #bitcoin Purpose Spot ETF. So the latter basically mirrors both ETFs now.
— Jan Wüstenfeld (@JanWues) May 13, 2022
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