{"id":512087,"date":"2022-12-12T17:00:30","date_gmt":"2022-12-12T22:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=512087"},"modified":"2024-06-11T14:31:48","modified_gmt":"2024-06-11T14:31:48","slug":"why-the-gbtc-discount-could-lead-to-a-bitcoin-sell-off","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-the-gbtc-discount-could-lead-to-a-bitcoin-sell-off\/","title":{"rendered":"Why The GBTC Discount Could Lead To A Bitcoin Sell-Off"},"content":{"rendered":"

Grayscale Bitcoin Trust (GBTC) remains the largest bitcoin trust in the world with billions of dollars worth of BTC, but in the last year, the trust has had a hard time keeping up with the market. The result of this has been a large premium that has continued to widen through the bear market. Currently, the GBTC is trading at a record-high premium, which has sparked speculations of a potential BTC sell-off in the pipeline.<\/p>\n

GBTC Nears 50% Premium<\/h2>\n

The month of November was fraught with adversity for the crypto space and this is mirrored by the GBTC premium. It shows a near-steady increase in the discount or premium to NAV which has carried on into the month of December.<\/p>\n

On Dec. 7, the GBTC premium to NAV saw one of its largest jumps when it move from 43.61% on Dec. 6 to 47.27% on Dec. 7<\/a>. This has brought the premium to new all-time highs and even though the following days did not see as large of an increase, a near 1% increase each day saw the GBTC close out last week at a premium to NAV of 48.62%.<\/p>\n

Related Reading: Inconsistent Metrics Indicate Further Struggle For SUSHI \u2013 Colder Winter Ahead?<\/a><\/div>\n

Now, what this means is that the price of \u2018one BTC\u2019 is trading for 48.62% lower on the GBTC than it is on the spot market. Normally, this would present as an opportunity to buy for cheap but GBTC investors are not buying any actual bitcoin, and with the issues that Grayscale\u2019s parent company, DCG, has been facing, it has become increasingly obvious to investors that the fund may be headed for trouble.<\/p>\n

\"GBTC<\/p>\n

Will This Lead To Bitcoin Sell-Off?<\/h2>\n

The GBTC currently holds more than 640,000 BTC worth around $11 billion at today\u2019s prices. As such, the speculations about a potential collapse do not stem from concerns about Grayscale itself but about its parent DCG company.<\/p>\n

DCG is reportedly in a $2 billion debt, most of which stems from Genesis Trading which had limited withdrawals a few weeks ago, and Eldridge. Rumors circulating on the interwebs are that DCG actually GBTC shares to collateralize its loan from Genesis, which makes up the large majority of its loan.<\/p>\n

\"Grayscale<\/p>\n

GBTC share price at $8.01 | Source: Grayscale Bitcoin Trust (BTC) on TradingView.com<\/a><\/pre>\n
On a recent episode<\/a> of \u2018The Chopping Block\u2019, Haseeb Qureshi, Managing Partner at Dragonfly Capital, said that the $1.1 billion promissory note to Genesis could be \u201ccallable. What this means is that if Genesis were to be liquidated or go into bankruptcy, then DCG would be required to pay the total value of the loan. The problem is that DCG does not have the needed amount to honor it if this does happen. Subsequently, DCG could look towards GBTC for a bailout if this were to happen.<\/p>\n
Related Reading: Bitcoin Drops Below $17,000 Pre-CPI And FOMC \u2013 Scenarios To Prepare For This Week<\/a><\/div>\n
Nevertheless, the GBTC continues to hold up through adversity. Coinbase has previously publicly stated that it holds all of GBTC\u2019s bitcoin in its custody service, and if prices were to start recovering from here, then the premium to NAV could begin to close.\u00a0<\/span><\/i><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
Grayscale Bitcoin Trust (GBTC) remains the largest bitcoin trust in the world with billions of dollars worth of BTC, but in the last year, the trust has had a hard time keeping up with the market. The result of this has been a large premium that has continued to widen through the bear market. Currently, the GBTC is trading at a record-high premium, which has sparked speculations of a potential BTC sell-off in the pipeline. GBTC Nears 50% Premium The month of November was fraught with adversity for the crypto space and this is mirrored by the GBTC premium. It shows a near-steady increase in the discount or premium to NAV which has carried on into the month of December. On Dec. 7, the GBTC premium to NAV saw one of its largest jumps when it move from 43.61% on Dec. 6 to 47.27% on Dec. 7. This has brought the premium to new all-time highs and even though the following days did not see as large of an increase, a near 1% increase each day saw the GBTC close out last week at a premium to NAV of 48.62%. Related Reading: Inconsistent Metrics Indicate Further Struggle For SUSHI \u2013 Colder Winter Ahead? Now, what this means is that the price of \u2018one BTC\u2019 is trading for 48.62% lower on the GBTC than it is on the spot market. Normally, this would present as an opportunity to buy for cheap but GBTC investors are not buying any actual bitcoin, and with the issues that Grayscale\u2019s parent company, DCG, has been facing, it has become increasingly obvious to investors that the fund may be headed for trouble. Will This Lead To Bitcoin Sell-Off? The GBTC currently holds more than 640,000 BTC worth around $11 billion at today\u2019s prices. As such, the speculations about a potential collapse do not stem from concerns about Grayscale itself but about its parent DCG company. DCG is reportedly in a $2 billion debt, most of which stems from Genesis Trading which had limited withdrawals a few weeks ago, and Eldridge. Rumors circulating on the interwebs are that DCG actually GBTC shares to collateralize its loan from Genesis, which makes up the large majority of its loan. GBTC share price at $8.01 | Source: Grayscale Bitcoin Trust (BTC) on TradingView.com On a recent episode of \u2018The Chopping Block\u2019, Haseeb Qureshi, Managing Partner at Dragonfly Capital, said that the $1.1 billion promissory note to Genesis could be \u201ccallable. What this means is that if Genesis were to be liquidated or go into bankruptcy, then DCG would be required to pay the total value of the loan. The problem is that DCG does not have the needed amount to honor it if this does happen. Subsequently, DCG could look towards GBTC for a bailout if this were to happen. Related Reading: Bitcoin Drops Below $17,000 Pre-CPI And FOMC \u2013 Scenarios To Prepare For This Week Nevertheless, the GBTC continues to hold up through adversity. Coinbase has previously publicly stated that it holds all of GBTC\u2019s bitcoin in its custody service, and if prices were to start recovering from here, then the premium to NAV could begin to close.\u00a0<\/p>\n","protected":false},"author":541,"featured_media":512091,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8614,7558,7262,7523,61774],"class_list":["post-512087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-dcg","tag-gbtc","tag-genesis-trading","tag-grayscale","tag-grayscale-bitcoin-trust"],"acf":[],"yoast_head":"\nWhy The GBTC Discount Could Lead To A Bitcoin Sell-Off<\/title>\n<meta name=\"description\" content=\"Grayscale Bitcoin Trust (GBTC) remains the largest bitcoin trust in the world with billions of dollars worth of BTC, but 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why The GBTC Discount Could Lead To A Bitcoin Sell-Off","url":"http:\/\/wncen.com\/news\/why-the-gbtc-discount-could-lead-to-a-bitcoin-sell-off\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-the-gbtc-discount-could-lead-to-a-bitcoin-sell-off\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Grayscale-GBTC.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Grayscale-GBTC.jpeg?fit=800%2C500"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","dcg","gbtc","genesis trading","grayscale","grayscale bitcoin trust"],"dateCreated":"2022-12-12T22:00:30Z","datePublished":"2022-12-12T22:00:30Z","dateModified":"2024-06-11T14:31:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why The GBTC Discount Could Lead To A Bitcoin Sell-Off\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-the-gbtc-discount-could-lead-to-a-bitcoin-sell-off\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-the-gbtc-discount-could-lead-to-a-bitcoin-sell-off\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Grayscale-GBTC.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Grayscale-GBTC.jpeg?fit=800%2C500\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"dcg\",\"gbtc\",\"genesis trading\",\"grayscale\",\"grayscale bitcoin trust\"],\"dateCreated\":\"2022-12-12T22:00:30Z\",\"datePublished\":\"2022-12-12T22:00:30Z\",\"dateModified\":\"2024-06-11T14:31:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Grayscale-GBTC.jpeg?fit=800%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/512087"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=512087"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/512087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/512091"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=512087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=512087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=512087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}