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Grayscale Bitcoin Trust Drops 15%, Suggesting Investors Are Fleeing The Crypto Market
Summary: The $22 billion Grayscale Bitcoin Trust (ticker GBTC) dropped over 15% this week, outpacing Bitcoin’s weekly losses of 11%. The fund's decline comes while concerns are rising that panicked investors will flee the crypto market after Bitcoin's price drop on Thursday. Following the GBTC 15% drop, GBTC’s premium to its underlying holdings has dropped to just 2.8%, ...
The $22 billion Grayscale Bitcoin Trust (ticker GBTC) dropped over 15% this week, outpacing Bitcoin’s weekly losses of 11%.
The fund's decline comes while concerns are rising that panicked investors will flee the crypto market after Bitcoin's price drop on Thursday. Following the GBTC 15% drop, GBTC’s premium to its underlying holdings has dropped to just 2.8%, the lowest since March 2017, as reported by Bloomberg.
GBTC's drop and the falling premium suggest investors are bailing on their positions, WallachBeth Capital’s Mohit Bajaj told Bloomberg. At the time of writing Bitcoin is trading hands for $33,531 and is up 5.16%. On Thursday, Bitcoin briefly broke past $40,000 before falling to $33,485.
By Emily Mason
Tags: Bitcoin,BTC,GBTC,Grayscale Bitcoin Trust
Link: Grayscale Bitcoin Trust Drops 15%, Suggesting Investors Are Fleeing The Crypto Market [Copy]
