GBTC 'elevator to hell' sees Bitcoin spot price approach 100% premium
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...