The data showed that the Bitcoin (BTC) investment car Grayscale Bitcoin Trust (GBTC) gave better results than the recently launched exchange traded funds (ETF) last week.
Figures shared by Grayscale executives in particular confirm that GBTC has quietly delivered higher returns to investors since 19 October.
The grayscale “discount” has reached its lowest level in a month.
While the talk continues about Bitcoin ETFs and their market impact, strong shades of gray in the industry are declining.
Amid claims that newly launched funds remove tariffs from GBTC, company executives immediately noticed that the latter was actually the best option since its launch.
Performance graph of GBTC and BITO. Source: TradingView
In the seven days to Monday, GBTC is back around 8.8%, while the leading benchmark index for Bitcoin futures ETF, ProShares Bitcoin Strategy ETF (BITO), fell 0.5%.
Partly thanks to an upward trend in the GBTC premium, it reached its lowest spot discount this week since the beginning of September.
Earlier concerns had been raised about Grayscale’s potential failure to salvage negative premiums when new ETFs were launched, which in turn were opposed by those who claimed that the value propositions of the two instruments were not comparable.
GBTC bonus vs. collectibles vs. BTC / USD chart. Source: Bybt
Barry Silbert, CEO of Grayscale’s parent company, Digital Currency Group, has shed more light on GBTC’s higher trading volume. As of Monday, October 25, they totaled $ 374 million, while BITO managed $ 286 million.
As the Cointelegraph reported, Grayscale CEO Michael Sonnenstein recently confirmed his promise to convert the GBTC itself into an ETF and has formally applied for this with US regulators.
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Meanwhile, a third Bitcoin ETF will be launched in the US on Tuesday, this time from VanEck.
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The publication, which has long fought against the US Securities and Exchange Commission to bring such a product to market, marks a line in the sand for old market participants.
The fate of the physical Bitcoin ETFs – those that have already delivered BTC – is still hanging on a thin thread pending the SEC’s decision on the first registrations next month.
“If regulators care enough about investors’ interests, they will approve a Bitcoin ETF soon,” said Gabor Gurbax, director of digital asset strategy at VanEck, last week.
14 countries in Europe, Canada, Brazil and other countries have access to physical Bitcoin ETPs. Physical> futures contracts. “