Grayscale’s GBTC Points to Diminishing Interest in Bitcoin (BTC)

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Grayscale’s GBTC are signalling diminished interest in Bitcoin (BTC) from institutions and retailers with access to the fund. The derivative fund, which owns a fraction of BTC for each share, states the underlying asset price at $6.90, equivalent to $6,900 in BTC spot prices.https://twitter.com/GrayscaleInvest/status/1204877403606138881Additionally, Grayscale noted a further drop in assets under management, from $2.2 billion down to $2 billion in 24 hours. The Grayscale BTC funds, or GBTC, is still the leading asset taking up the bulk of investment, while the biggest outflows were seen from altcoin funds.GBTC currently trades at $8.62 on the OTC market, moving down from about $11.60 at the beginning of November. Trading volumes have also diminished in the past months.GBTC remains extremely volatile, and outperformed other funds during BTC boom times. But as BTC is looking shakier, GBTC immediately reflected the loss of interest.GBTC owners do not get exposure to actual BTC coins, and…

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