The Grayscale Bitcoin Investment Trust (GBTC) was trading with an implied Bitcoin price of over $10,000 May 14 as investor interest peaked.
GBTC At 30% Bitcoin Price Premium
GBTC, which has made 24-hour gains of almost 20 percent, currently trades on the basis of a single bitcoin costing around $10,200 – a full $2300, or almost 30 percent, above average market rates.
The frenetic activity marks yet another sign of the bullish sentiment among retail and institutional investors alike this week, which is becoming known as one of Bitcoin’s greatest success stories.
As Bitcoinist reported, Bitcoin price 00 has delivered annual record highs, surging above $8300 Tuesday to mark its highest since May 2018.
The bull market has sparked various new records, including for overall Bitcoin volume, while sources were keen to point out a feeling of missing out on the part of institutional investors in particular.