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Still haven't found a low enough premium for me to re-enter. Its been hovering around 60%. I need 30 or lower. It is a testament to the inherent strength of the fund holders/investors to keep it up so high.
It is a testament to the inherent strength of the fund holders/investors to keep it up so high.
I wouldn't say it's the strength of the holders. It's just easier to buy and sell GBTC than it is to buy and store real Bitcoin. We've all got brokerage accounts. We don't all want to have private keys and thousands (or tens of thousands) worth of crypto on our laptops, which every now and then get stolen or break and stuff.
This Is Where Smart Money Expects To Buy Bitcoin Investment Trust $GBTC
The ETN Bitcoin Investment Trust (GBTC) have been a favorite of investors as an alternative to buying actual Bitcoin. However, there has been a massive bear market in Bitcoin since the GBTC topped out near $40. Currently trading at $9.40, investors are wondering if the lows are nearly in. The answer is 'NO'. In fact, GBTC just broke below a major support level stretching back to early 2018. This breakdown will yield another major wave of selling, taking GBTC to nearly $5/share. Once there, investors should begin to accumulate. When $GBTC is nearing $5, be ready to hear the panicking, fearful investor and media talking head. This should be taken as a positive and a contrarian indicator.