OTC:GBTC   Grayscale Bitcoin Trust (BTC)
$GBTC is currently trading at a 13% discount to the Net Asset Value ( NAV ) of BTC held by the Grayscale trust. I think this means institutions are still more bearish than they should be on BTC , and once BTC cracks $50k with strength, they'll be rushing back in to buy a product like GBTC . Many still don't want to deal with the custody/security headaches of holding spot BTC , so GBTC is best positioned to keep absorbing institutional liquidity.

Bounced off the 200D MA after today's wicked dump, and the 4H market profile is right at $38 where the price eventually consolidated. I truly think BTC will be hitting $100k by Q1 next year, which means GBC can at least double from here as well.

Comment: Up 35% here, very fun for a big, long term position. Since buying Grayscale has made moves to convert their GBTC trust to a spot ETF. It would be the first of its kind. Recently a Bitcoin Futures ETF got approved but it's not the product most people want exposure to.

The discount has gotten slightly worse, down to -17% as of today. I expect this discount to shrink as institutional investors buy more and more GBTC. Right now they're still traumatized from this year, so maybe fomo won't kick in until $100k btc. Either way, I feel good about GBTC hitting $100 by January.

I see the local bitcoin top being around $120k, which I think will happen between December-February. When bitcoin shows signs of weakness, I'll probably rotate this to the Grayscale ETH trust (ETHE) and then sell my position into cash.