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The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC price?

Published 09/24/2022, 01:02 PM
Updated 09/25/2022, 03:00 PM
The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC price?

Grayscale Bitcoin Trust (GBTC), a cryptocurrency fund that currently holds 3.12% of the total Bitcoin (BTC) supply, or over 640,000 BTC, is trading at a record discount compared to the value of its underlying assets.

On Sep. 23, the $12.55 billion closed-end trust was trading at a 35.18% discount, according to the latest data.

GBTC discount versus spot BTC/USD price. Source: YCharts
GBTC daily price chart. Source: TradingView
GBTC 12-month adjusted Sharpe Ratio. Source: PortfolioSlab.com
Fund flows by provider. Source: CoinShares
NDAQ versus BTC/USD daily price chart. Source: TradingView
U.S. dollar index versus US 10-year and US 2-year Treasury yields. Source: TradingView
BTC/USD eight-hour price chart. Source: TradingView/Capo of Crypto

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