Bitcoin (Bitcoin) The investment tool Grayscale Bitcoin Trust (GBTC) outperformed the newly launched Exchange Traded Fund (ETF) last week, data shows.
The data shared by Grayscale executives and others confirms that since October 19, GBTC has quietly brought better returns to investors.
Grayscale “discount” hits a new low in one month
Although discussions continue to revolve around Bitcoin futures ETFs and their market impact, the industry’s firm gray scale is fighting back.
Claiming that the newly launched fund is Absorb the custom Starting with GBTC, the company’s person in charge quickly pointed out that the latter is actually a better choice since the date of release.
In the 7 days to Monday, GBTC’s return was about 8.8%, while the pioneering Bitcoin futures ETF ProShares Bitcoin Strategy ETF (BITO) fell 0.5%.
This is due in part to the higher GBTC premium, which reached the lowest discount on spot prices since the beginning of September this week.
Previous concerns have focused on the fact that as more ETFs are launched, Grayscale may not be able to save the negative premium, which in turn has been refuted by those who believe the value proposition of these two tools Incomparable.
Barry Silbert, CEO of Grayscale’s parent company, Digital Currency Group, further stated highlight GBTC higher transaction volume. On Monday, October 25, these totaled USD 374 million, and BITO managed USD 286 million.
As Cointelegraph Report, Grayscale CEO Michael Sonnenshein recently reiterated his commitment to convert GBTC itself into an ETF and formally applied to the US regulator to do so.
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At the same time, the third US Bitcoin ETF will be launched on Tuesday, this time from VanEck.
It has long been fighting with the US Securities and Exchange Commission to bring such products to the market. This release marks the bottom line of long-term market participants.
Until the U.S. Securities and Exchange Commission decides on the first batch of applications next month, the fate of physical Bitcoin ETFs—those that actually deliver BTC—is still up in the air.
“If regulators care enough about investors’ best interests, they will approve physical Bitcoin ETFs soon,” VanEck Director of Digital Asset Strategy Gabor Gurbacs debate last week.
“14 countries in Europe, Canada, Brazil and other countries can use physical Bitcoin ETP. Physical> Futures.”