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Today’s Cryptocurrency Headline

According to Glassnode’s data, Grayscale’s flagship product Grayscale Bitcoin Trust (GBTC) closed the previous week with a record discount of 21.36%,  the largest ever in its eight-year-long history. This means that new investors are able to purchase shares of GBTC at significantly lower prices than the actual market value of Bitcoin. However, the existing holder suffered losses due to the six month lock-up period for the initial investment. The price of GBTC was $34.42 last Friday and each GBTC share currently amounting to 0.00093202 BTC, the stock’s actual price was $43.77 in Bitcoin. GBTC is a closed-end fund, which means it cannot easily add or remove shares, which results the share price is determined by supply and demand, rather than the underlying value of its assets.

BingX’s Bitcoin Chart


Source: TradingView& BingX

According to CoinShare, digital asset investment products saw outflows totalling $142m during the seven days through Dec.17,  the first outflow after 17 weeks of consecutive inflows. BTC and ETH are trading around $46,000 and $3,900 respectively. Since Bitcoin has been consolidating for a long time in the $46,000 to $49,000 range, Bitcoin must break through with heavy volume to establish a new trend.


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