What is going on here? GBTC is the GreyScale Bifcoin trust. It exploded up for almost 10% while bitcoin goes sideways to slightly down. What does this mean?
It could mean the correction is either over or Almost over.
Why and how can this happen?
For me this shows that GBTC without a doubt is not bitcoiin and it trades outside the bitcoin market.
@hodlethephone, Yeah, and the real data shows up in the charts. Skip the bullshit
hodlethephone
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@WeAreSat0shi, You stated let you know what I think, I think you have clearly missed out on Data that is clearly causing the divergence. You said it yourself How and Why can this happen.... Yet you have tossed out real time data
WeAreSat0shi
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I have a question: When GBTC is bought, is a backed by a actual bitcoin buy?
hodlethephone
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@WeAreSat0shi, As far as I understand GBTC Fund is backed by Bitcoin. Owning 1 share of Gbtc is in essence owning .0Xxxx btc
WeAreSat0shi
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@hodlethephone ok. so now my question is, how can this divergence happen?
hodlethephone
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@WeAreSat0shi, GBTC is 35% undervalued to its backed asset due to its inability to trade as a ETF to BTC spot price. People see a discount and a 70% chance that the fund will convert into a ETF. Meaning it is the cheapest BTC product on the market right now. Based on the reaction to the data of the pending lawsuit it is clear the charts show the same aligment of what you called bullshit
theemk13
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@hodlethephone, if GBTC wins and becomes a spot etf then spot Bitcoin will pump as well. GBTC divergences have called many BTC moves. This could be leading a BTC bounce for sure!