Greyscale bitcoin trust is trading at over a 10% discount to their Bitcoin holdings. This shows just how low demand there is for bitcoin right now. You can see how when it slipped under spot value that was an early indicator the top was in.
It's hard to say how this relationship will play out since this is the first time this has happened before but in my opinion I think bitcoin will remain bearish as long as GBTC is trading below its actual value of bitcoin holdings.
It's hard to say how this relationship will play out since this is the first time this has happened before but in my opinion I think bitcoin will remain bearish as long as GBTC is trading below its actual value of bitcoin holdings.