Canadian Bitcoin ETF Adds 6.9K BTC in One Day as GBTC Discount Hits All-Time Low

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.”

GBTC premium vs. asset holdings vs. BTC/USD chart. Source: Coinglass

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.

related: Why the world needs a US spot bitcoin ETF: 21Shares CEO explains

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.

Purpose Bitcoin ETF BTC holdings vs BTC/USD chart. Source: Coinglass

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.

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