The world’s largest legal bitcoin with mutual fund Grayscale Bitcoin Trust (GBTC), took a big hit in the process that started with the collapse of FTX. Although GBTC traded at a higher premium than the leading cryptocurrency during the year, the latest news has taken a toll on the giant fund.
With the bankruptcy of the FTX exchange, investors began to question the reliability of the entire crypto industry. After the stock market giant’s bankruptcy Genesis and the Digital Currency Group companies have also entered a liquidity crisis, creating new doubts on GBTC. According to speculation, the problem that Genesis is experiencing may also indirectly affect Grayscale.
coinglass According to data, GBTC NAV premium has risen to 45.2 levels today. This figure includes Grayscale Bitcoin Trust shares; It shows that the Bitcoin price on the spot market is trading 45% lower. The crypto community is debating whether this is an opportunity or, worse, lead pricing.
Grayscale Doesn’t Want to Disclose Its Reserves
After the bankruptcy of the FTX exchange, “transparency” propaganda broke out. The leading exchanges in the industry recently shared their open wallet addresses and how much crypto money they have with their customers.
Crypto giant Grayscale, on the other hand, stated in an announcement on Friday that it will not disclose its reserves for the GBTC product. The company explained the reason for its rejection of transparency due to “security concerns”.
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