BTC spot ETF: Optimism causes GBTC discount to collapse

Grayscale: Optimism is growing for ETFs

Even if it’s not done yet, the crypto sector is starting to show more than a few signs of optimism in the outlookPotential approval of BTC spot ETF.

One of the main symptoms is behavior Grayscale GBTC trustfor which it has been gradually thinning for some time discountor the difference between the nominal value of the financial asset in question and the amount actually paid (or received) by the buyer.

That’s exactly what had hit him in the last few hours at least from 2021and according to data collected from Ycharts would be around -10.35% compared to net asset value.

Investors have traded GBTC at a “discount” to the actual price of Bitcoin since its inception, and in December 2022. it reached as much as -48%.

If Grayscale has been intending to turn the trust into an ETF for some time, this is clearly not a coincidence, and the coincidence with Securities Commission (SEC) has been playing in recent months, with sentence which forced the agency to reconsider the possibility of such an operation (after an initial rejection in 2021).

BlackRock near the bottom

Obviously, ETF approval requests from entities such as Black rock it only improves the position of Grayscale, which at the same time seeks to exploit the legitimacy of similar tools such as BTC futures ETFs.

The most important step recorded so far in this sense is certainlygetting a ticker of BlackRock ETF at Depository Trust & Clearing Corporation (DTCC), and the behavior of the market only follows the hopes of a tool that could revolutionize the sector.

As of today, Bitcoin is actually stabilizing about 37 thousand dollars after a month in which he led the market with his growth of +38% in 30 days.

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