0
Please log in or register to do it.

In recent developments, Bloomberg’s Eric Balchunas highlighted a shift in GBTC shares to a 0.9% discount compared to net asset value, potentially attributed to selling pressure. Over the past 24 hours, futures traders anticipating increased crypto prices experienced approximately $217 million in liquidations. This trend aligns with the notion that the approval of spot bitcoin exchange-traded funds has become a “sell-the-news” event, representing a contrarian bet that remains robust.

 

 

 

The market’s unease stems from apprehensions that Grayscale, a prominent crypto fund manager, is selling some of its bitcoin holdings as investors withdraw from the Grayscale Bitcoin Trust (GBTC). Analyzing verified wallets associated with Grayscale, Arkham, an analysis firm, reported a movement of over $400 million worth of bitcoin to custodian Coinbase Prime on Thursday, hinting at a potential forthcoming sale.

 

 

Echoing these concerns, Bloomberg Intelligence analyst Eric Balchunas noted that GBTC shares experienced a 0.9% discount relative to their net asset value on Thursday, likely influenced by selling pressure.

Google Commits $1 Billion to Construct Carbon-Free Data Center in the UK Amid Ongoing Workforce Changes
Factors Behind the Recent Decline in Solana (SOL) Price

Your email address will not be published. Required fields are marked *