GBTC delivered better returns than Bitcoin ETFs last week


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Bitcoin (BTC) investment vehicle, Grayscale Bitcoin Trust (GBTC), outperformed the newly launched Exchange Traded Funds (ETF) last week, data shows.

Figures shared by Grayscale executives among others confirm that GBTC has tacitly delivered better investor returns since Oct. 19.

Grayscale “discount” reaches one-month low

While talks continue to revolve around Bitcoin futures ETFs and their impact on the market, industry star Grayscale is biting back.

Amid claims that the newly launched funds are sucking GBTC’s habits away, the company’s bosses quickly realized that the latter had actually been the better choice since launch day.

GBTC vs. BITO performance graph. Source: TradingView

In the seven days to Monday, the GBTC gained around 8.8% while the groundbreaking Bitcoin futures ETF, ProShares Bitcoin Strategy ETF (BITO), fell 0.5%.

This was partly because the GBTC premium went up and this week hit its lowest discount to the spot price since early September.

Concerns previously centered on Grayscale’s potential inability to save the negative premium as more ETFs hit the market, which in turn has been refuted by those who argued that the value proposition of the two instruments was not comparable.

GBTC premium vs. stocks vs. BTC / USD chart. Source: Bybt

Barry Silbert, CEO of Grayscale’s parent company Digital Currency Group, further highlighted GBTC’s higher trading volume. For Monday, October 25th, these were $ 374 million while BITO was managing $ 286 million.

As Cointelegraph reported, Grayscale CEO Michael Sonnenshein recently reiterated his promise to convert GBTC into an ETF himself, and formally applied to US regulators to do so.

Next Ether Futures ETF?

In the meantime, the third US Bitcoin ETF will be launched on Tuesday, this time by VanEck.

Related: BTC Price “Heading To $ 90,000” – 5 Things To Watch For Bitcoin This Week

Long embroiled in a battle with the US Securities and Exchange Commission to bring such a product to market, the release marks a line in the sand for long-time market participants.

The fate of physical Bitcoin ETFs – those with BTC actually delivered – is pending an SEC ruling on the first filings next month.

“If regulators cared enough about the best interests of investors, they would soon approve a physical Bitcoin ETF,” argued VanEck Digital Assets Strategy Director Gabor Gurbacs last week.

“14 countries in Europe, Canada, Brazil and other nations have access to physical Bitcoin ETPs. Physically> Futures. “

Bitcoin ETF decision schedule. Source: Arcane Research

Popular trader and analyst Scott Melker countered that an Ether (ETH) futures ETF would precede Bitcoin’s physical launch.