The FTX Contagion effects do not even stop at the largest institutional Bitcoin product on the market, the Grayscale Bitcoin Trust (GBTC). As a result of the bankruptcy of Sam Bankman-Fried’s crypto exchange, the discount to the NAV of Grayscale’s GBTC fund has fallen to around -40%.
As recently as the end of 2020, GBTC was trading at a premium of +40%. However, in January 2021, the trend reversal occurred when Grayscale’s Bitcoin fund traded at a discount for the first time. Since then, GBTC has been on a downward slide.
Bitcoin GBTC. Source: CNN Business
GBTC’s largest owners include Cathie Wood’s ARK Invest (0.85%), Horizon Kinetics (0.34%), Simplify Asset Management (0.06%) Systelligence (0.04%), Parkwood (0.04%), Emerald Mutual Fund (0.03%) and Rothschild Investment (0.01%), according to CNN Business.
Doomsday for Bitcoin
Recent events have led Grayscale Bitcoin Trust to become potentially the single biggest risk to the Bitcoin market. As NewsBTC reported, Genesis Global
We współpracy z: https://newsbtc.com/news/bitcoin/grayscale-liquidation-could-unleash-a-bitcoin-armageddon/
