DeFI News by Thebittimes.Com

Galaxy Digital CEO Mike Novogratz was among those over the moon with the news, others warn it could be the start of a major institutional takeover. BlackRock’s latest filing for a spot Bitcoin (BTC) trust will drive investors’ confidence in Bitcoin and may even be “the best thing that could happen ” to BTC, according to some crypto industry observers — but others warn of a hidden cost. During an interview on June 16, Galaxy Digital CEO Mike Novogratz said the approval of BlackRock’s ETF application would be “the best thing that could happen to $BTC.” “I say a Hail Mary every night that Larry Fink and @blackrock pull off a @bitcoin ETF," Novogratz said on the Fox News segment, according to a tweet by host Liz Claman. Fun being on @LizClaman show!! And yes, @BlackRock getting a $BTC ETF through would be the best thing that could happen to $BTC. https://t.co/2fFBeB9eyo — Mike Novogratz (@novogratz) June 16, 2023 Meanwhile, cryptocurrency analyst James Edwards of Finder.com —...

Bad times for the Grayscale Bitcoin Trust (GBTC) get even worse this week as its discount to BTC/USD approaches 50% for the first time. Bitcoin (BTC) investment vehicle, the Grayscale Bitcoin Trust (GBTC), is trading close to 50% below the BTC price on spot markets. Data from on-chain analytics platform Coinglass confirms that on Dec. 8, GBTC shares hit a new record low of -47.2% against BTC/USD. GBTC troubles pile up post-FTX In the latest bout of nerves to hit the Bitcoin industry since the fall of FTX, GBTC is nearing half-price versus the price of Bitcoin. The largest institutional Bitcoin investment vehicle, with assets worth around $10 billion, GBTC has faced numerous challenges in recent years. The price of its shares previously traded higher than BTC/USD, resulting in what was called the “ GBTC premium .” Since 2021, however, that premium has turned negative, but the resulting “discount” has done little to lure additional institutional interest. As Cointelegraph reported, be...