Bitcoin (BTC) descending to $24,000 has cost its largest institutional investment vehicle more than the average hodler.
According to data from on-chain monitoring resource Coinglass on May 13, the Grayscale Bitcoin Trust (GBTC) is now trading at a nearly 31% discount.
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Amid ongoing market volatility this week, GBTC has seen its fledgling recovery fall flat on its face — for the time being.
The so-called GBTC premium, long in negative territory and thus a discount in practice, has now reached its lowest ever.
As of May 13, the discount was 30.6%, meaning that shares in GBTC traded at almost one third below the Bitcoin spot price (referred to as net asset value, or NAV).
The figures mark a distinct turnaround for
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