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Grayscale’s Discount Squeezes Amid Growing ETF Approval Euphoria

Published 11/16/2023, 02:42 AM
Updated 11/16/2023, 02:45 AM
Grayscale’s Discount Squeezes Amid Growing ETF Approval Euphoria

  • Grayscale Bitcoin Trust (GBTC) discount is 10.35% at press time.

  • The improved discount level coincides with the flagship crypto’s recent rally.

  • There are indications that the shrinking discount connects to the anticipated ETF launch.

Data from YCharts, a financial research and analysis platform, shows that the Grayscale Bitcoin Trust (GBTC) discount is at 10.35%, a level it has not reached since July 2021. The improved discount level coincides with the flagship crypto’s recent rally, which saw BTC move close to $38,000 for the first time in 18 months.

There are indications that the shrinking GBTC discount connects to the anticipated launch of a spot Bitcoin ETF. In a recent development, the U.S. Securities and Exchange Commission (SEC) reportedly initiated discussions with Grayscale Investment about converting the company’s Bitcoin trust to a spot Bitcoin ETF.

Data from ByteTree, a platform for financial investment content, shows that the number of Bitcoins held by funds has reached a record high of over 865,000 BTC. This coincides with the growing enthusiasm among investors over the lik…

The post Grayscale’s Discount Squeezes Amid Growing ETF Approval Euphoria appeared first on Coin Edition.

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