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Home Bitcoin

Grayscale Bitcoin Trust Premium Hits All-Time Low

June 17, 2022
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Sberbank of Russia Expects To Deploy Its DeFi Platform In May

A Popular On-chain Analyst Stated Bitcoin Is Quietly Being Purchased By Institutional Investors

The largest Bitcoin investment vehicle, Grayscale Bitcoin Trust (GBTC), is currently trading at the biggest discount ever to the spot market. Dark days for institutional crypto investors as contagion fears grow and asset prices fall.
Grayscale Bitcoin Trust Premium Hits All-Time Low

Data from on-chain analytics resource Coinglass shows GBTC stock down 33% against BTC/USD on major exchanges on June 17.

Grayscale Bitcoin Trust Premium Hits All-Time Low
Source: Coinglass

Amid continued turmoil in DeFi spilling over into the crypto market, conditions have soured for investors large and small. The latest figures now show that institutions have completely failed to avoid the contagion and that the already underperforming GBTC has hit new lows.

The GBTC premium is hovering around its lowest value in history. On June 17, they were trading at 33.71% cheaper than the spot Bitcoin price. A sharp downturn was accompanied by a similar drop in the spot market as BTC retested $20,000 twice.

Grayscale Bitcoin Trust Premium Hits All-Time Low
GBTC premium vs. asset holdings vs. BTC/USD chart. Source: Coinglass

As Grayscale pursues its goal of converting GBTC into a spot Bitcoin ETF, conditions continue to look unfavorable for institutional crypto products amid increased government attention following the crisis of Terra and Celsius.

Shares of $GBTC are now 66.9% lower than they were at the peak of 2017 despite $BTC trading 5% higher.

Make sure to thank Mr. Gensler for the protection everyone. pic.twitter.com/Q1cAw8hBtR

— Dylan LeClair ???? (@DylanLeClair_) June 16, 2022

Spot Bitcoin ETFs are still outlawed in the US due to investor protection concerns, allowing countries like Canada and Australia to gain a first-mover advantage.

At the time of writing, the price of BTC is still around $21,000 and is looking for momentum to grow in the unfavorable context when the Fed just raised interest rates by 0.75%.

Grayscale Bitcoin Trust Premium Hits All-Time Low
BTC daily chart. Source: CoinCu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

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Tags: #BitcoinAll-Time LowDeFiGBTCGrayscale Bitcoin TrustpremiumpriceSpot Bitcoin ETF
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