{"id":10240,"date":"2022-04-21T09:09:45","date_gmt":"2022-04-21T09:09:45","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/gbtc-premium-nears-2022-high-as-sec-faces-call-to-approve-bitcoin-etf\/"},"modified":"2022-04-21T09:09:47","modified_gmt":"2022-04-21T09:09:47","slug":"gbtc-premium-nears-2022-high-as-sec-faces-call-to-approve-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/gbtc-premium-nears-2022-high-as-sec-faces-call-to-approve-bitcoin-etf\/","title":{"rendered":"GBTC premium nears 2022 high as SEC faces call to approve Bitcoin ETF"},"content":{"rendered":"
Things are looking up for the United States\u2019 largest institutional Bitcoin (BTC) product by asset holdings.<\/p>\n
Data from on-chain monitoring resource Coinglass confirms that as of April 21, the Grayscale Bitcoin Trust (GBTC) is rebounding toward 2022 highs.<\/p>\n
After a problematic year so far, GBTC has benefitted from steadying Bitcoin price action. <\/p>\n
Bitcoin\u2019s descent from November\u2019s all-time highs added to an already negative \u201cpremium\u201d on GBTC, meaning that its share price, in fact, traded at a discount to the Bitcoin spot price. That discount hit its deepest ever in January when the GBTC premium nearly hit -30%. <\/p>\n
Since then, a reversal has been underway, and as of April 21, the premium is -21.4% \u2014 near its smallest for 2022.<\/p>\n