GBTC ‘discount’ hits smallest since 2021 despite BTC price at 3-month lows

Bitcoin (btc) investment vehicle, Grayscale Bitcoin Trust (BTC), now trades at just 17% below BTC price parity.

The latest data from the tracking resource. glass coin confirms that as of September 9, GBTC shares were trading 17.17% lower than BTC/USD.

GBTC recalls almost two years of losses

Bitcoin's largest institutional investment vehicle, GBTC has seen his luck improve significantly since the news that BlackRock, the world's largest asset manager, said it planned to file for the first exchange-traded fund (ETF) based on the US Bitcoin spot price.

This was music to the ears of Grayscale executives, who were already in the middle of a legal battle with US regulators about converting GBTC itself into a spot ETF.

The U.S. Securities and Exchange Commission (SEC) has yet to approve a single spot ETF application, recently delaying a decision on multiple projects.

Despite this, Grayscale last month won a key showdown with the SEC, securing a welcome industry boost, which further boosted GBTC price performance.

GBTC stock's discount to the price of Bitcoin, once a surplus known as the “GBTC Premium,” was just 17.17% on September 9, marking its best levels since December 2021.

Since then, the premium has been negative, known as a discount to net asset value (NAV). In a moment reached almost 50%.

No joy for Bitcoin bulls

GBTC has therefore begun to deviate from BTC price strength, with the latter still going downhill as it retests levels rarely seen in the past six months.

Related: 'Probable' double top confirmed: 5 things you should know about Bitcoin this week

BTC price was trading below $25,500 at the time of writing, data from Markets Cointelegraph Pro and TradingView showed, with the opening of Wall Street adding fuel to an already weak market.

Like Cointelegraph reportedSeptember tends to be a weak month for BTC/USD, often losing up to 10%.

“September is historically a pretty bad month for Bitcoin, those are just the facts. October is historically very bullish,” popular CryptoCon trader and analyst. said X followers in part of the comment of the day.

CryptoCon added a chart that points to the end of November as a key time to watch for signs of life in Bitcoin during the years leading up to the halving.

This echoes an existing theory, which specifically it is on November 28 as a “bullish release” date for the price of Bitcoin once every four years.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.