BlackRock’s Plans Spark Rally in Grayscale Bitcoin Trust

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.

Heavily Traded ETFs
SPDR S&P 500 - SPY
Invesco QQQ
Vanguard S&P 500 - VOO
Vanguard Total Market - VTI
Energy Select Sector - XLE

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