The dramatic collapse in UST brought tremendous selling pressure, catching many off-guard. But the subsequent negative macroeconomic conditions have adversely affected the cryptocurrency market as a whole, with institutional demand plunging to the lowest levels.The Grayscale Bitcoin Trust, an investment vehicle provided by asset manager Grayscale Investments, is now trading at a 33.71% discount to its NAV, a record low.
Bitcoin failing to secure a meaningful momentum following a turbulent month depicts that the dark days for the asset could last for an extended period. The bearish chaos continued to engulf the market sending shockwaves across the board. As a result, the losses for Grayscale trust products are not only limited to Bitcoin.compiled by Coinglass, shares of Grayscale Ethereum Trust were also trading with a negative premium of over 34%.
Grayscale has also been facing an impending deadline for its much-anticipated spot Bitcoin ETF applications. Its proposal to convert GBTC to an ETF is also going through a public comment period, the deadline for which is July 6. However, conditions for crypto-based institutional products have become increasingly opposing, more so due to the recent Terra collapse as well as the ongoing Celsius investigation.
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