GBTC delivered better returns than Bitcoin ETFs last week

The Grayscale Bitcoin Trust (GBTC), a Bitcoin (BTC), investment vehicle, outperformed newly launched exchange-traded fund (ETF) last Week, data shows.

Grayscale executives and others shared figures that confirm that GBTC quietly has delivered higher investor returns since Oct. 19.

Grayscale discount hits a one-month low

Talk continues to center around Bitcoin futures ETFs (and their market impact), but industry veteran Grayscale is retaliating.

Despite claims that the funds are taking away GBTC’s custom, chiefs of the firm quickly pointed out that the former has been a better choice since its launch.

Performance chart GBTC vs. BITO Source: TradingView

In the seven days leading up to Monday, GBTC returned 8.8% while ProShares Bitcoin Strategy ETF(BITO) fell 0.5%.

This was partly due to the GBTC Premium heading higher, and reaching its lowest discount to spot prices since September early this week.

Grayscale’s inability to save the negative premium from ETFs was a concern. However, those who claimed that they have no comparable value proposition countered this.

GBTC premium vs. Holdings vs. BTC/USD Chart. Source: Bybt

Barry Silbert, CEO at Grayscale’s parent company Digital Currency Group, highlighted GBTC’s higher trading volumes. These totaled $374 Million Monday Oct. 25, while BITO managed $286 Million Monday Oct. 25.

Cointelegraph reported that Grayscale CEO Michael Sonnenshein has reaffirmed his promise to convert GBTC into an ETF and applied to the United States regulators.

Next Ether futures ETF?

On Tuesday, VanEck will launch the third United States Bitcoin ETF.

Related: Bitcoin price on the rise – 5 Things to Watch in Bitcoin This Week

The release comes after a long-running battle with the U.S Securities and Exchange Commission for bringing such products to market.

Before the SEC’s decision on the first applications next month, the fate of physical Bitcoin ETFs (those with BTC delivered) is still in doubt.

Gabor Gurbacs, VanEck digital assets strategy director, stated last week that if regulators were concerned enough about investors’ best interests, they would approve a physical Bitcoin ETF quickly.

“14 countries from Europe, Canada, Brazil, and other countries have access to physicals Bitcoin Exchange Trade Points. Futures > Physical

Bitcoin ETF decision schedule. Source: Arcane Research

Scott Melker, a popular trader and analyst, countered that the Ether (ETH futures ETF) will be ahead of the physical Bitcoin go-ahead.

https://cointelegraph.com/news/gbtc-delivered-better-returns-than-bitcoin-etfs-last-week

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Donna Burk

Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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