Quick Take
The Grayscale Bitcoin Trust (GBTC) has emerged as one of the top performers in the crypto market, charting a 150% increase this year. This triumphant rise has outshone significant players such as Bitcoin, up by 64%, and Ethereum, up by 29%. An array of Bitcoin mining stocks, Coinbase and Microstrategy, were also trailed in the wake of GBTC’s ascent.
The discount of GBTC to Net Asset Value (NAV) has contracted to 16%, the smallest measure since the latter half of 2021. This contraction may be a strategic indicator of the market’s evolving dynamics.
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