The largest Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), is now trading at its biggest ever discount to the spot market.
Data from on-chain analytics resource Coinglass shows GBTC shares down 34% versus Bitcoin (BTC)/USD on major exchanges as of June 17.
GBTC suffers in market downturn
Amid continued turmoil in decentralized finance (DeFi) spilling over to infect the crypto market, conditions have deteriorated for investors big and small.
The latest figures now show that institutions have definitively failed to avoid the contagion, and the already underperforming GBTC has hit new lows.
The GBTC premium, long a misnomer due to the fund’s shares in fact costing less than Bitcoin itself, is circling its lowest values in history. On June 17, these traded at 34.2% cheaper than the Bitcoin spot price, also known as net asset value, or NAV.
A sharp downturn accompanied a similar dip on spot markets as BTC/USD retested $20,000 twice.
As Grayscale pursues United States...
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