GBTC premium stays negative, suggests Bitcoin price sentiment still low?
(BTC) is facing difficulty breaching the $40,000 mark again after briefly crossing it on May 26. The cryptocurrency is currently exchanging hands at around the $36,000 mark, which is a 44% drop from its all-time high of $64,889 on April 14. Among others, a key difference between macroeconomic conditions affecting the cryptocurrency market as a whole is institutional demand.
One of the key investment vehicles for set demand is the Grayscale Bitcoin Trust (GBTC), a BTC trust of Grayscale Investments, one of the most significant investment managers for institutions indulging in digital currencies.
The trust allows investors to have exposure to the price of Bitcoin through a regulated traditional investment vehicle without having to buy, store and safe-keep their token directly.
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