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And it's not just GBTC that is struggling to hold its value, as data from Coingalss shows that the top five products offered by Grayscale, which includes Ethereum, Ethereum Classic, Litecoin, and Bitcoin Cash, all have a double-digit negative premium rate. GBTC became a popular investment vehicle following its launch in 2013 as it was one of the only ways institutional investors could access BTC.
As a result of its inefficient design, significant price discrepancies are common between the value of GBTC and the fund’s underlying Bitcoin holdings.
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