TL; Fault DR
- After the recent GBTC unlocking, there is a big discount on the GBTC trading price.
- Such a discount has not been seen since May, when the Bitcoin crash began.
- The data analysis confirms that with the BTC / USD pair trading at around $ 43,000 to $ 44,000, GBTC shares will be discounted by 16.5%.
Investors of an institution that does not want to enter the Bitcoin market but is still willing to make a profit often see investment in GBTC stocks. Grayscale Bitcoin Trust has a six-month lockout period, and on June 18, we saw the largest GBTC lockout.
Bitcoin is currently trading at levels of $ 43,000 to $ 44,000, and the price of cryptocurrency can be expected to follow the $ 41.5,000 support test. While Bitcoin is recovering after an extraordinary three-week period, GBTC shares are being sold at a discounted price that has not been seen since the Bitcoin price fell by 50 to 60 percent in May.
GBTC stocks may move again after “some time”
As predicted by an analyst named Willy Woo, this is a good time to buy GBTC stocks because they are trading at a huge 16.5% discount from the current value. The current price has improved recently, but despite the uptrend in BTC, the depreciation of GBTC net asset value has increased rather than decreased.
This indicates an institutional lack of interest in GBTC stocks as the discount is currently at its highest level since May.
“It takes a long time to regain its proper balance, because they can not reduce inventory. Companies also bought this decline, see Microstrategy.”
Willy Woo in a twitter Discussion with BTC Archive