Figures shared by executives at Grayscale, among others, confirm that GBTC has quietly delivered better returns for investors since October 19.
Grayscale “discount” hits lowest in one month
As discussions continue to revolve around Bitcoin futures ETFs and their impact on the market, industry mainstay Grayscale is biting back.
Amid claims that the newly launched funds suck GBTC custom, company bosses were quick to note that the latter was actually a better bet since launch day.
In the seven days leading up to Monday, GBTC returned around 8.8%, while the pioneer Bitcoin futures ETF, ProShares Bitcoin Strategy ETF (BITO), fell 0.5%.
Part of the reason is the rise in the GBTC premium, hitting its smallest discount to the spot price since early September this week.
Concerns previously centered on Grayscale’s potential inability to salvage the negative premium as ETFs launch, this in turn countered by those who argued that the value proposition of the two instruments cannot to be compared.
Barry Silbert, CEO of parent company Grayscale Digital Currency Group, Underline GBTC’s higher transaction volumes. As of Monday, October 25, they totaled $ 374 million, while BITO managed $ 286 million.
As Cointelegraph reported, Grayscale CEO Michael Sonnenshein recently reiterated his commitment to convert GBTC itself into an ETF, formally making the request to US regulators.
ETF futures on the next ether?
Meanwhile, Tuesday sees the launch of the third U.S. Bitcoin ETF, this time from VanEck.
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Long locked in a battle with the U.S. Securities and Exchange Commission to bring such a product to market, the release marks a line in the sand for longtime market participants.
The fate of physical Bitcoin ETFs – those with BTC actually delivered – is still in play ahead of an SEC decision on first bets next month.
“If regulators cared enough about the best interests of investors, they would soon approve a physical Bitcoin ETF,” Gabor Gurbacs, director of digital asset strategy at VanEck. argued Last week.
“14 countries in Europe, Canada, Brazil and other countries have access to physical Bitcoin ETPs. Physics> Futures.
Trader and popular analyst Scott Melker versus that an Ether Futures ETF (ETH) will precede Bitcoin’s physical green light.