灰度的比特币溢价已降至零以下的创纪录低点

灰度比特币信托 ($GBTC) is currently the largest listed cryptocurrency asset with $30.17 十亿资产管理. 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 (交易所买卖基金).

Investment trust funds are regulated by the U.S. 货币主计长办公室 (OCC) and they are designed exclusively for accredited investors. 不过, 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. 与此同时, institutional clients can buy at par directly from Grayscale Investments regardless of the price on OTC markets.

Grayscale GBTC Bitcoin Trust premium (蓝色) 与. Marker price (绿色). 资源: 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% 和 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. 资源: 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 (NAV).

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.

这阵子, the selling pressure that took place found less buying activity from non-accredited investors. 另一方面, 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.

这里表达的观点和意见仅是 身份验证[R 并不一定反映Cointelegraph的观点. 每笔投资和交易动作都涉及风险. 您在做出决定时应该进行自己的研究.

让我们屏蔽广告! (为什么?)

资源: 声电图

正在加载...