Following the launch of Canada’s first Bitcoin ETF, shares in Grayscale’s Bitcoin Trust have spent an entire month trading at a discount compared to spot BTC for the first time.
For the first time, shares in Grayscale’s Bitcoin Trust traded at a discount compared to spot BTC for an entire month.
Rafael Schultze-Kraft, the CTO of on-chain analytics provider Glassnode, shared the observation to Twitter on April 1, noting shares in the institutional fund manager’s Bitcoin Trust had traded at a notional discount of -6% on average during March.
He noted the discount in Grayscale’s BTC shares has coincided with the launch of the Purpose Bitcoin ETF in Canada — which has accumulated 16,000 BTC worth roughly $940 million since launching in late February.
3/ The drop in $GTBC premium coincides with the launch of the Purpose #Bitcoin ETF – which could've drawn investment away from GBTC.The ETF has accumulated more than 16k BTC in over a month.