グレイスケールのビットコインプレミアムはゼロ以下の最低記録に落ちました

グレイスケールビットコイントラスト ($GBTC) is currently the largest listed cryptocurrency asset with $30.17 数十億の運用資産. The firm currently holds more than 655,730 BTC and the security is tradable in the United States through over-the-counter markets.

How is GBTC different from a Bitcoin ETF?

The fund was launched in 2013 and the Grayscale Bitcoin Trust became the preferred institutional vehicle in the U.S. for BTC due to the lack of a Bitcoin exchange-traded fund (ETF).

Investment trust funds are regulated by the U.S. 通貨監督庁 (OCC) and they are designed exclusively for accredited investors. それにもかかわらず, those can be sold to retail traders after a six-month lock-up period.

This specificity causes GBTC shares to trade above the equivalent BTC held by the trust whenever there’s retail demand on secondary markets. その間, institutional clients can buy at par directly from Grayscale Investments regardless of the price on OTC markets.

Grayscale GBTC Bitcoin Trust premium (青い) vs. Marker price (緑). ソース: Bybt.com

As displayed above, such a premium sometimes surpassed 40%, indicating heavy buying pressure from investors. The situation changed over the past four weeks as Bitcoin price peaked at $58,000 and initiated a substantial correction, causing the GBTC premium to range between 5% そして 10%.

A diminished appetite in the secondary markets creates a potential imbalance as there is currently no redemption program for the GBTC. Had there been a way to convert it back to BTC, a market maker would gladly buy the trust shares at a discount.

Grayscale GBTC Bitcoin Trust premium to BTC. ソース: YCharts.com

Although the recent price crash could explain the 7% discount seen on Feb. 26, Bitcoin faced multiple 30% corrections in the past with no apparent impact on GBTC premium. Even during the horrific bear market in late 2018, GBTC traded above the net asset value (ない).

A new challenger appears

Although no better alternative was previously offered, Canada’s TSX launched a Bitcoin ETF on Feb. 18, providing investors direct exposure to BTC. This structure allows the market maker to create and redeem shares, thus minimizing eventual premium or discount to the net asset value.

今回は, the selling pressure that took place found less buying activity from non-accredited investors. 一方, the Canadian Purpose Investments ETF surpassed 10,000 BTC under management in one week, which signals the instrument’s success despite a sharp downturn in BTC price.

Unless Grayscale Investments opens a redemption program, nothing is preventing GBTC from continuing to trade below its net asset value.

ここに記載されている見解や意見は、 author 必ずしもコインテレグラフの見解を反映しているわけではありません. すべての投資と取引の動きにはリスクが伴います. 決定を下すときは、独自の調査を行う必要があります.

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ソース: コインテレグラフ

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