The Grayscale Bitcoin Trust is marking notable gains since the beginning of 2019, despite the rising premium in the product compared to Bitcoin’s net asset value (NAV). According to some, this is a sign of institutional net buying and that new money is coming into the market.
GBTC Soars 47% Since Pre-5K Breakout
GBTC, a product offered by Grayscale Investments, the world’s largest digital asset fund, is having a great year so far, gaining more than 56 percent in the past three months.
More notably, the product is up 47 percent since Bitcoin’s latest rally on April 2nd, while Bitcoin’s spot price 00 has increased by only 28 percent.
According to economist and popular trader Alex Krüger, this is a sign of new money coming into the market. He explained:
GBTC 10% today, outperforming BTC. – GBTC +47% since [April 2nd] breakout – BTC +28% since [April 2nd] breakout Another symptom of new money coming into crypto.
Earlier this week, Bitcoinist reported that institutional Bitcoin trading volume has grown for four…