The GBTC 'premium' is lower than ever, but it may not be all bearish for Bitcoin.
“Quite a lot of the pain this year would have been avoided if GBTC had been made into an ETF SEC keeping everyone safe!” investor and entrepreneur Alistair MilneWilly Woo, creator of statistics resource Woobull, meanwhile argued that the impact of fading GBTC exposure was not necessarily a straight negative for BTC price strength.
“The GBTC / DCG / Genesis fears is a bearish cloud hanging over the market. But counterintuitively part of the impact has been bullish for BTC price,” he“37.5% of people who sold GBTC bought spot BTC to take custody. Selling GBTC does not impact BTC price, buying spot does.” An additional Twitter survey quizzed the platform's users who notionally own GBTC over their motives to sell.The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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