Analyst: The sharp narrowing of the negative premium rate of Grayscale GBTC indicates that the possibility of future ETF spot approval in the United States has increased significantly

Odaily Planet Daily News According to YCharts.com, GBTC traded at a 26% discount to its net asset value (NAV) on Friday. On August 14, that share had fallen below 24%, down about 20 percentage points from about 44% on June 13. Fineqia research analyst Matteo Greco said: "The sharp narrowing indicates that the possibility of ETF spot approval in the United States has increased significantly in the future, prompting investors to buy GBTC at a substantial discount, believing that ETFs will be listed in the future." Chase White, senior research and policy analyst at Compass Point Research & Trading, expects GBTC's discount to narrow "significantly" after Grayscale's win, possibly to as little as 10%. (Blockworks) According to Coinglass data, the current negative premium rate of the Grayscale Bitcoin Trust Fund (GBTC) is 25.83% as of the time of publication.