Grayscale Bitcoin Trust outperformed Bitcoin ETFs last week

Bitcoin (BTC) investment vehicle Grayscale Bitcoin Trust (GBTC) outperformed recently created Exchange Traded Funds (ETFs) last weekas the data show.

Figures shared by Grayscale executives, among others, confirm this GBTC has been tacitly offering better returns to investors since October 19.

Grayscale “discount” reaches the minimum of one month

While we are talking about bitcoin futures ETFs and their impact on the market, Grayscale, one of the biggest in the business, strikes back.

Grayscale Bitcoin Trust outperformed Bitcoin ETFs last week
Grayscale Bitcoin Trust outperformed Bitcoin ETFs last week

Amid allegations that newly launched funds are taking clients away from GBTC, Company representatives were quick to point out that the latter was actually the better choice from launch day.

GBTC performance versus BITO performance graph. Source: TradingView

In the seven days leading up to Monday, GBTC achieved a profitability of around 8.8%while the groundbreaking Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), is down 0.5%.

That’s partly because of it GBTC’s premium has risen and this week hit its lowest discount to the spot price since early September.

Concerns previously centered on Grayscale’s possible inability to save the negative premium as more ETFs were launched.which, in turn, has been disputed by those who argued that the value proposition of both instruments was not comparable.

Chart of the premium of GBTC versus stocks versus BTC / USD. Source: Bybt

Barry Silbert, CEO of Grayscale’s parent company Digital Currency Group, highlighted GBTC’s highest trading volume. These totaled $ 374 million as of Monday while BITO was managing $ 286 million.

As reported by Cointelegraph, Grayscale CEO Michael Sonnenshein recently reiterated his promise to convert GBTC into an ETF himself and made an official application to US regulators.

Will the next futures ETF be Ethereum?

In the meantime, the third Bitcoin ETF in the US will be launched on Tuesday, this time going hand in hand with VanEck.

Long battle with the Securities and Exchange Commission (SEC) to bring such a product to market, Launch marks a line in the sand for long-time market participants.

The fate of physical Bitcoin ETFs -the actually delivered with BTC- still pending next month’s SEC ruling on the first filings.

“If regulators cared enough about investor interests, they would soon approve a physical Bitcoin ETF”, arguedLast week Gabor Gurbacs, director of VanEck.

“14 countries in Europe, Canada, Brazil and other nations have access to physical Bitcoin ETPs. Physical> Futures.”

Bitcoin ETF decision schedule. Source: Arcane Research

The popular trader and analyst Scott Melker contradictedThat an Ethereum futures ETF precedes the physical launch of Bitcoin.

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