Grayscale Bitcoin Negative Premium Charts All-Time Low

The dramatic collapse in UST brought tremendous selling pressure, catching many off-guard. But the subsequent negative macroeconomic conditions have adversely affected the cryptocurrency market as a whole, with institutional demand plunging to the lowest levels.

Grayscale Bitcoin Trust (GBTC) Hits Lowest Point

The Grayscale Bitcoin Trust, an investment vehicle provided by asset manager Grayscale Investments, is now trading at a 33.71% discount to its NAV, a record low. This essentially depicted the desperate market players trying to get rid of their Bitcoin exposure as the cryptocurrency struggles around the $20,000 mark.

Bitcoin failing to secure a meaningful momentum following a turbulent month depicts that the dark days for the asset could last for an extended period. The bearish chaos continued to engulf the market sending shockwaves across the board. As a result, the losses for Grayscale trust products are not only limited to Bitcoin.

According to data compiled by Coinglass, shares of Grayscale Ethereum Trust (EETH) were also trading with a negative premium of over 34%. Furthermore, Grayscale Litecoin Trust (LTCN) and Grayscale Ethereum Classic Trust…

Read more at cryptopotato.com

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