Bitcoin (BTC) plummeting to $24,000 has cost its largest institutional investment vehicle more than the average hodler.

According to data from on-chain monitoring resource Coinglass on May 13, Grayscale Bitcoin Trust (GBTC) is now trading at a nearly 31% discount.

Grayscale CEO: Investors are ‘waiting for things to stabilize’

Amidst the ongoing market volatility this week, GBTC has seen its nascent rally fall, for the time being.

The so-called GBTC premium, long in negative territory and thus a discount in practice, has now reached an all-time low.

As of May 13, the discount was 30.6%, meaning GBTC shares traded at nearly a third below Bitcoin’s spot price (called the net asset value, or NAV).

The figures mark a clear turnaround for the premium, which in mid-April had managed to rise to a 21% discount.

Overall, however, GBTC has long traded at a discount amid ongoing attempts by Grayscale to turn it into an exchange-traded fund (ETF).

“It took clarity and conviction to establish GBTC, and now Grayscale is showing courage and commitment in its campaign to turn GBTC into a Bitcoin Spot ETF. They deserve your support,” MicroStrategy CEO Michael Saylor, plot this week, inviting Twitter followers to demand that US regulators greenlight the plans.

Such a move would be unprecedented in the United States, where the Securities and Exchange Commission (SEC) has lagged behind authorities in other countries in approving a Bitcoin points-based ETF.

Meanwhile, despite the turbulence, Grayscale CEO Michael Sonnenshein remained as bullish as ever on GBTC and institutional demand for Bitcoin exposure.

“I think some investors are probably waiting for things to stabilize,” he said. said CNBC in an interview on May 12.

“I think when things settle down and crypto starts to find its footing, you will see some of those more institutional buyers start to step in and some have already indicated that they are in fact starting to buy at these levels.”

GBTC premium versus asset holding chart against BTC/USD. Source: Coinglass

Purpose Bitcoin ETF Posts Record Daily Buy

Across the border in Canada, the world’s first Bitcoin spot ETF has benefited on the contrary from the week’s trading conditions.

Related: Why the World Needs a US Spot Bitcoin ETF: 21Shares CEO Explains

The Purpose Bitcoin ETF added 6,903 BTC in a single day on May 13, marking its largest single-day purchase in its history.

Purpose now has 41,620 BTC under management, surpassing its previous record of 36,322 BTC in March of this year.

Purpose Bitcoin ETF BTC holdings vs. BTC/USD chart. Source: Coinglass

The jump accompanied the launch of Australia’s first spot ETFs, one of which, the Cosmos-Purpose Bitcoin Access ETF (CBTC), bought shares in the Canadian Purpose offering.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should do your own research when making a decision.

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