Grayscale Bitcoin Trust Share (GBTC) prices slipped around 0.60% on March 24, and the trading price closed at $16.00, although on the same day, the lowest the shares traded at was $15.62. Before closing, it bounced back above $16.00.
On March 23, GBTC shares closed at $16.10. It is important to note that in the last one month, GBTC shares gained more than 39%. At press time, GBTC shares had an average trading volume of $3.65 million with a market capitalization of $11.08 billion.
GBTC is on the verge of breaking its crucial resistance of $16, which buyers are trying to register. Recent trends show that the bulls are ruling and trying to fill the previous gaps that are yet to be filled. The upside range of $18 may be tested in the next sessions. Moreover, GBTC is trading above its significant moving averages, and if any rejection from the range is faced, the immediate support is at $14.50.
Horizon Kinetics Asset Management LLC is among the biggest institutional holders of GBTC shares; it holds 15,814,012 share worth $253,024, and Cathie Wood’s ARK Investment is the second biggest institutional holder of GBTC shares with around 6,552,187 shares.
ARK Next Generation Internet ETF purchased 450,272 GBTC shares in the last quarter of 2022. Other than these two giant holders, 52 other institutions hold GBTC shares.
Increasing Bitcoin prices may help Grayscale Bitcoin Trust share to recover. When writing this article, Bitcoin traded at $27,379.07 with a 24-hour trading volume of $25,175,848,815. In the last 24 hours, Bitcoin traded at $28,208.21 and the lowest traded price was $27,039.27.
Last year, the world’s largest asset manager, Grayscale, applied with the Securities Exchange Commission (SEC) of the United States to convert its flagship fund, GBTC, into a spot bitcoin ETF.
On February 25, Grayscale’s head was featured in a podcast interview with Mr. Peter McCormack. Mr. Sonneshein said he is amazed that the United States’ SEC would not want to save the investors of Grayscale and return the appropriate asset value to them.
Grayscale first applied to become a spot bitcoin ETF in early 2017. A spot-based bitcoin ETF would be an important milestone in accepting the digital asset as it would open them up to typical investors in a familiar ‘wrapper’ that trades like a stock. Target has been away from the industry for more than five years.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/03/25/gbtc-share-down-on-intraday-basis-gained-39-in-a-month/