The fall of Bitcoin (BTC) to $ 24,000 cost the largest institutional investment vehicle more than the average hodler.
According to May 13 data from Coinglass blockchain monitoring resource, the Bitcoin Trust Grayscale (GBTC) is now trading at a discount of almost 31%.
Grayscale CEO: Investors ‘waiting to sort things out’
Amid continued market volatility this week, GBTC has slowed its emerging recovery in recent times.
The so – called GBTC rating, long in negative territory and therefore discounted in practice, has now come to an end.
As of May 13, the discount was 30.6%, meaning that GBTC shares were trading almost a third below the spot price of bitcoin (known as the net asset value, or NAV).
These figures show a clear reversal of the rating situation, which, in mid – April, achieved a 21% discount.
Overall, however, GBTC has long been trading at a discount, as Grayscale is seeking to convert it into an exchange traded fund (ETF).
“It took clarity and conviction to create GBTC, and now Grayscale is showing courage and commitment in its campaign to convert GBTC into a bitcoin ETF spot. They deserve your support. ” declared this week Michael Saylor, CEO of MicroStrategy, invites his followers on Twitter to ask U.S. regulators to give this project the green light.
Such a move would be unprecedented in the United States, where the Securities and Exchange Commission (SEC) has sued authorities in other countries for approving a bitcoin spot ETF.
Despite the turmoil, Grayscale CEO Michael Sonnenshein remained more bullish than ever on GBTC and institutional demand for bitcoin exposure.
“I think some investors are probably waiting for things to ease,” he said. declared during an interview with CNBC on May 12th.
“I really think that when things wake up and crypto starts to get on its feet, you will see some of these institutional buyers starting to move in and some of them have already indicated that they are starting to purchases at these levels. »
Objective Bitcoin ETF sees record daily purchases
Across the border in Canada, the world’s first bitcoin ETF spot paradoxically benefited from the week’s trading conditions.
Read also: Why The World Needs a Bitcoin Spot ETF in the US: CEO 21Shares Explains
On May 13, Purpose Bitcoin ETF received 6,903 BTC in one day, reflecting the largest one – day purchase in its history.
Objective now manages 41,620 BTC, breaking its previous record of 36,322 BTC set in March this year.
The jump was accompanied by the launch of the first spot ETFs in Australia, and one of them, the Cosmos-Purpose Bitcoin Access (CBTC) ETF, bought shares from Purpose’s offering.
Important to note: Yesterday launched two Bitcoin ETFs in Australia. One of them, the Cosmos-Purpose Bitcoin Access ETF ($ CBTC) is gaining exposure to BTC by buying Canadian shares. #Bitcoin ETF present purpose. So the latter is essentially two Institutions.
– Jan Wüstenfeld (@JanWues) May 13, 2022
Important to note: Yesterday, two Bitcoin ETFs were launched in Australia. For one, the Cosmos-Purpose Bitcoin Access ETF ($ CBTC) is gaining exposure for BTC by buying shares of the #Canadian spot Purpose Bitcoin ETF. So the latter now basically represents two ETFs.– Jan Wüstenfeld (@JanWues) May 13, 2022
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