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Glassnode：Institutional Investors are Losing Interest in Bitcoin
Summary: Institutional demand for cryptocurrency is slowing down, according to new findings from blockchain analytics company, Glassnode. The firm said today in a report that institutional investors are losing interest in Bitcoin. Proof of this can be found by looking at the Grayscale Bitcoin Trust (GBTC), the report noted. GBTC, a popular investment product, is now ...
Institutional demand for cryptocurrency is slowing down, according to new findings from blockchain analytics company, Glassnode. The firm said today in a report that institutional investors are losing interest in Bitcoin. Proof of this can be found by looking at the Grayscale Bitcoin Trust (GBTC), the report noted.
GBTC, a popular investment product, is now constantly trading at a persistent discount to net asset value (NAV), Glassnode said. For years, investors paid a premium to buy into GBTC. The report said,“Since Feb 2021, the GBTC product has reversed to trade at a persistent discount to NAV, hitting the deepest discount of -21.23% in mid-May”.
It added that the combined amount of Bitcoin for two popular exchange-traded funds (ETFs)—Purpose and 3iQ—has decreased. Currently, the combined net flows for both ETFs over the last month shows that a total of 8,037 BTC has flowed out of the products.
By Amy Liu
Tags: Bitcoin,Glassnode,Institutional Investor
Link: Glassnode：Institutional Investors are Losing Interest in Bitcoin [Copy]
