Important bps spread on WBTC/BTC

finengx Updated   
COINBASE:WBTCUSD   Wrapped Bitcoin
I was looking into the WBTC/BTC spreads fully expecting to see BTC trade at a premium over WBTC. Yes, WBTC is a well-known product with serious custodians (Anchorage) and audited but still, there is risk there. When you buy WBTC, you buy a liability. There should be a discount. Right?

Well, not really no. The WBTC/BTC arbitrage play is crowded enough that as the timeframe (1W, 1D, 3H, 1H, 30min, etc.) expands the spread is smoothed out by arbitrageurs doing their jobs. Thank you arbitrageurs! But what stands out to me, is that the only time the WBTC/BTC to dollar spreads are positive (BTC premias) is following large spot moves.

WBTC is useful.
Erratum: The custodian of wBTC is BitGo, not Anchorage