Quick Take
The Grayscale Bitcoin Trust (GBTC) is riding a surge of growth in 2023, with its value climbing by over 239% since January. Concurrently, the discount to its Net Asset Value (NAV) is contracting, currently standing at 13.6% – among the year’s lowest. These market dynamics suggest an anticipation of the approval of a spot Bitcoin ETF, which appears to be imminent in the coming weeks.
GBTC’s value has continued to rise even after market hours, with a 1% increase bringing its price to $28.15. Notably, Bloomberg analysts have pinpointed an eight-day window commencing today, Nov. 9, during which several spot ETFs could potentially be greenlit. This period is expected to serve as a critical observation phase for GBTC’s price action, providing valuable insights into the market’s expectations and responses to regulatory decisions.
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