Grayscale’s Bitcoin investment vehicle, Grayscale Bitcoin Trust (GBTC), now trades at just 17% below BTC price parity.<\/p>\n
The latest data from monitoring resource CoinGlass confirms<\/a> that as of Sept. 9, GBTC shares traded at 17.17% less than BTC\/USD.<\/p>\n GBTC, Bitcoin\u2019s (BTC<\/a>) largest institutional investment vehicle, has seen its fortunes improve significantly<\/a> since news that BlackRock, the world\u2019s largest asset manager, said it planned to file an application for the United States\u2019 first Bitcoin spot price-based exchange-traded fund (ETF).<\/p>\n This was music to the ears of Grayscale executives, who were already in the middle of a legal battle with United States regulators<\/a> over turning GBTC itself into a spot ETF.<\/p>\n The U.S. Securities and Exchange Commission has yet to approve a single spot ETF application, recently delaying a decision on multiple projects.\u00a0<\/p>\n Despite this, Grayscale last month won a key face-off with the SEC, securing a welcome industry boost, which further buoyed GBTC price performance.<\/p>\n GBTC shares\u2019 discount to Bitcoin’s price \u2014 once a surplus referred to as the \u201cGBTC Premium\u201d \u2014 was just 17.17% on Sept. 9, marking its best level since December 2021.<\/p>\n The premium has been negative, known as a discount to net asset value, ever since. At one point, it reached nearly 50%<\/a>.\u00a0<\/p>\n GBTC has thus begun to diverge from BTC price strength, with the latter still sloping downhill as it retests levels rarely seen over the past six months.<\/p>\n Related:\u00a0Double top \u2018likely\u2019 confirmed \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n BTC price traded at under $25,500 at the time of writing, data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed, with the Wall Street open adding fuel to an already limp market.<\/p>\n As Cointelegraph reported<\/a>, September tends to be a weak month for BTC\/USD, which often loses up to 10%.<\/p>\n \u201cSeptember is historically a pretty bad month for #Bitcoin, that\u2019s just the facts. October is historically very bullish,\u201d popular trader and analyst CryptoCon told<\/a> X followers in part of commentary on Sept. 11.<\/p>\n CryptoCon added a chart flagging late November as a key time to watch for signs of life from Bitcoin during prehalving years.<\/p>\n This echoes an existing theory that\u00a0gives Nov. 28<\/a> as the \u201cbull run launch\u201d date for Bitcoin price once every four years.<\/p>\nGBTC retraces nearly two years of losses<\/h2>\n
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No joy for Bitcoin bulls<\/h2>\n
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