Bitcoin News: GBTC Premium Remains Elevated Despite Sell-Off
TL;DR
* GBTC premium remains elevated despite recent bitcoin sell-off.
* Analysts attribute the premium to a lack of supply and high demand for GBTC shares.
* Some experts believe the premium could persist as investors seek exposure to bitcoin without holding the underlying asset.
The premium on Grayscale Bitcoin Trust (GBTC) shares remains elevated despite a recent sell-off in the bitcoin market. On Monday, GBTC traded at a 10% premium to the underlying bitcoin price, according to data from YCharts. This premium has persisted for several months, reaching as high as 30% in mid-May.
Analysts attribute the elevated premium to a lack of supply and high demand for GBTC shares. GBTC is the largest bitcoin investment vehicle in the United States, and its shares are often seen as a way to gain exposure to bitcoin without actually holding the underlying asset. This makes GBTC appealing to institutional investors and other traditional financial institutions.
Some experts believe that the GBTC premium could persist as investors continue to seek exposure to bitcoin without holding the underlying asset. This is particularly true for investors who are concerned about the volatility of bitcoin or who do not have the expertise or infrastructure to hold bitcoin directly.
However, it is important to note that the GBTC premium is not guaranteed to continue. If the supply of GBTC shares increases or if demand for bitcoin declines, the premium could narrow or even disappear.
Investors should carefully consider the risks and rewards of investing in GBTC before making a decision. While the premium could provide an opportunity for upside returns, it could also evaporate if the underlying bitcoin price declines or if the supply of GBTC shares increases.
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