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Certain analysts suggest that the narrowing of GBTC’s discount can be attributed to investors factoring in the possibility of the SEC granting approval to several pending spot Bitcoin ETF applications. Grayscale’s Bitcoin investment vehicle, known as Grayscale Bitcoin Trust (GBTC), is presently trading at its most meager discount in nearly two years. This narrowing of the discount coincides with the gradual progress of spot Bitcoin exchange-traded funds (ETFs) towards potential approval within the United States. According to the latest data from YCharts, as of October 13, GBTC ’s discount in relation to Bitcoin’s net asset value (NAV) has dwindled to 15.87%. Discount to NAV is a percentage-based metric that quantifies how much a mutual fund or ETF is trading below its net asset value. It serves as an indicator to gauge the deviation between a security’s trading price and its true intrinsic value. Data reveals that the discount associated with GBTC comm...

Also Read: US SEC Commissioners Not Happy Over Impact Theory NFT Charges advertisement The lawsuit verdict effectively granted the approval of application to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF. However, it is not clear yet as to what would be a timeline for the spot Bitcoin ETF approval, considering that the US SEC may choose to appeal the judgment. Bitcoin Exchange Supply Spike Before The Verdict On-chain data showed that around 30,000 BTC was sent to crypto exchanges prior to the Grayscale lawsuit victory announcement earlier on Tuesday, August 29, 2023, taking the total available supply to 1.16 million $BTC. This raises the question of whether the big whales have placed the trades in anticipation of a positive ruling or they knew of the Grayscale win before the judgment. According to market intelligence platform Santiment, the exchange supply of Bitcoin was boosted significantly prior to the judgment. Meanwhile, the Gr...