Grayscale Bitcoin Trust figures announced.
Grayscale figures surprise investors
Grayscale Bitcoin Trust (GBTC), in terms of net asset value (NAV), last year It has been trading at a negative premium for two months.
GBTC has been trading at an average premium of 15% since the foundation of the fund. It has managed to turn GBTC’s advantage of being the only Bitcoin fund easily accessible for institutional investors so far into a premium.
Last Thursday was the worst day for GBTC with a premium of -18.92%.
GBTC
The Purpose Bitcoin ETF opened in Canada has reached an AUM value of $1.4 billion, although GBTC is $32 billion Even though it has reached AUM value, it is clear that the Canadian fund has a negative impact on GBTC.
Grayscale’s high transaction fees have skyrocketed
Transaction fees have increased in Grayscale’s loss of market share. Height also has a significant effect. The annual transaction and management fees of 2% make GBTC uncompetitive.
Canadian-based funds Purpose, Evolve, and CI Galaxy charge in the 0.40-1% range.
According to data from on-chain analytics company Glassnode, GBTC has sold more than 2,000 BTC at around $52,700. In the same period, Purpose Investmenets seems to have bought more than 8,000 BTC.
Grayscale announced plans to cut fees by converting GBTC into an ETF fund in early April.
Grayscale turned its direction to different cryptocurrencies!
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