Greyscale Bitcoin Trust trades above spot for a premium...
And it looks like that premium may be going away early next year if it follows the pattern of this year and years past!!!
3% of GBTC consists of retirement funds.
3% is not much, however if investors take this stimulus IRA holiday then they will have the option to sell GBTC at a premium, & buy back their real BTC while pocketing the huge premium. If bitcoin sustains any profit taking early on next year you can be sure to see a GBTC long squeeze created. Also possibly this crash may be accelerated by baby boomers cashing out the ira early??? 😳 😱
Check out the premium chart for the year below for GBTC!
Another reason for Greyscale’s selloff may be due to it’s XRP exposure!
The Greyscale XRP fund is a toxic liability now and could be big trouble down the line for this centralized company. Greyscale could now get sued.
If it’s not your key it’s not your bitcoin.
So if you have GBTC in your IRA and get a chance to swap it for real btc, I highly advise you take that option now sooner than later.
Bitcoin up and GBTC down?
Will this be the new trend, unfortunately for GBTC I think so for the short run.
All Greyscale can do now is follow Bitwise’s footsteps, and liquidate their XRP trust ASAP, or Greyscale will continue hemorrhaging investors!
