BlocksInform
Bitcoin prices have plummeted this year, pulling down the valuations of several equity instruments that track the token.
But the Grayscale Bitcoin Trust (GBTC)- an equity instrument that tracks Bitcoin- has fared even worse than the token it is based on.
While Bitcoin is down about 55% so far this year, data from Google shows that GBTC has plummeted over 63% this year.
GBTC is also trading at a record-high discount of 34% to Bitcoin prices. While the discount may present a potential opportunity for bargain hunting traders, it also represents the current turmoil in the crypto market.
The trust, through its massive Bitcoin holdings, is the only equity instrument in the United States that gives its holders direct exposure to the world’s largest cryptocurrency.
