Grayscale Bitcoin Trust (GBTC) is responding to Bitcoin’s bullish sentiment (Bitcoin), because its premium to spot prices rose to the highest level since May.
Data from analytical resources byte On Tuesday, the so-called gray premium is -5.88%. The last time it was close to zero was on May 25th.
GBTC premium slips to over -6%
That was a week after Bitcoin began to fall sharply, and this week it finally showed signs of abating.
Since Bitcoin’s price fell by 55%, GBTC has been the subject of intense speculation, and it is said that the unlocking of GBTC stock may increase selling pressure.
As Cointelegraph ReportIn view of the restrictions on GBTC holders, this premise is wrong by default.
Nonetheless, especially this month, buying interest has resurfaced, with prominent names adding to their section and increasing their Bitcoin exposure.
The gray premium—the trading price of GBTC relative to the net asset value (NAV) of BTC held by it—has gradually risen and tended to zero after being in the negative region for a long time.
With most of the unlocking completed, the narrative surrounding Bitcoin price suppression has almost disappeared.
“The $GBTC premium rose from -15% to -5% within 5 days,” trader and analyst Nick Hellmann Comment Regarding the latest changes.
“If BTC can maintain these levels and make the gray premium become positive, it will add fuel to this Bitcoin fire.”
Purpose Bitcoin ETF holdings reach the level before the crash
Despite the different opinions on GBTC, the person who is absolutely not bearish in any time frame is Grayscale CEO Michael Sonnenshein.
Latest in the company Mid-year shareholder letter, Sonnenshein reiterated Previous A public statement regarding his intention to transform GBTC and its altcoin-focused equivalent into an exchange-traded fund (ETF).
“We are 100% committed to converting Grayscale Bitcoin Trust (code: GBTC), Grayscale Ethereum Trust (code: ETHE) and our other investment products into ETFs,” the letter read.
Since the United States has not yet approved a single Bitcoin ETF, neighboring Canada gave the green light to the Bitcoin ETF for the first participant and has never looked back.
On Tuesday, Purpose’s assets under management jumped from 900 million Canadian dollars to 1.1 billion Canadian dollars-the highest level since May 13.