Grayscale Bitcoin Trust (GBTC) trades at a lower premium rate than ever before. Institutional investors can get a discount of up to 12% on GBTC transactions.
Grayscale, which provides cryptocurrency services to institutional investors, has $ 32.4 billion of Bitcoin under its management. Grayscale Bitcoin Trust (GBTC), where Bitcoin is used as the underlying asset, is traded at a different price than the spot.
Premium rate made a dip
The fact that the GBTC price exceeds the spot BTC price is interpreted as high demand from institutional investors. The premium rate, which was in the positive zone for a long time, declined to -11.9% as of March 5 and made a historical bottom.
This rate had risen to over 35% on December 18th. According to current data, the value of Grayscale’s Bitcoin shares is $ 46.83; the market price is $ 41.25. The downside movement may have been triggered by the decrease in demand and alternative exchange traded funds opened in Canada.
