The world’s biggest bitcoin fund sinks to a record discount to underlying holdings as mania over cryptocurrency cools

//The world’s biggest bitcoin fund sinks to a record discount to underlying holdings as mania over cryptocurrency cools

The world’s biggest bitcoin fund sinks to a record discount to underlying holdings as mania over cryptocurrency cools

The world’s largest bitcoin fund is selling off faster than the cryptocurrency itself as investors rush to the exits.The US$31.6 billion Grayscale Bitcoin Trust (GBTC) plunged 22 per cent this week, outpacing a 17 per cent decline in the world’s largest cryptocurrency. That’s evaporated GBTC’s once-massive premium to the bitcoin it holds, with the price of GBTC closing 3.8 per cent below the value of its underlying holdings on Thursday – a record discount, according to data compiled by…

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By | 2021-02-27T07:52:51+00:00 February 27th, 2021|Business|Comments Off on The world’s biggest bitcoin fund sinks to a record discount to underlying holdings as mania over cryptocurrency cools