BlackRock’s Plans Spark Rally in Grayscale Bitcoin Trust

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Recent plans by BlackRock, the world’s largest asset manager, to launch a Bitcoin spot price exchange-traded fund (ETF) have generated optimism and sparked a rally in the Grayscale Bitcoin Trust (GBTC), often referred to as the “OG” institutional BTC investment vehicle. On June 17, data from CoinGlass showed that GBTC came close to reaching new 2023 highs.

The launch of a Bitcoin spot ETF by a renowned entity like BlackRock is seen as having better chances of breaking the legal impasse surrounding ETFs in the United States. This news has improved market sentiment towards Bitcoin, and signs of optimism are emerging.

One notable development is the discount, or negative “premium,” at which GBTC shares have been trading in comparison to BTC spot prices. Currently, the discount stands at -36.6%, which is closer to zero than at any other time this year. In contrast, the discount was around -44% on June 13. This trend suggests that if the BlackRock ETF is approved, GBTC could be the real winner as the discount may resolve alongside industry growth.


Maintain Your Horses! A Space Bitcoin ETF May perhaps well also Already Be Priced into Crypto.

There is a growing belief that the recent price surge in bitcoin could already factor in the potential approval of a spot Bitcoin ETF- a pivotal strategic investment move that holds significant influence in the crypto market. Investors and financial enthusiasts alike are keenly awaiting regulatory approval, a decision that could potentially catalyze the future growth trajectory of bitcoin prices. This speculation underscores not only the potential value that bitcoin holds as a digital asset but also the evolving role of institutional reactiveness in the cryptocurrency landscape.

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