šAttention BTC enthusiasts! Grayscale Bitcoin Trust (GBTC) - the world's largest Bitcoin fund - reached its lowest point in 22 months last Friday, sparking optimism as spot Bitcoin ETFs in the US move closer to reality. š
šData from YCharts shows GBTC shares traded at a 15.87% discount on October 13th, compared to the trust's net asset value (NAV). This discount has been consistently narrowing since hitting a record low of almost 50% in December 2021. š
šThe SEC recently passed the deadline to appeal against Grayscale's attempt to convert its GBTC fund into a spot Bitcoin ETF. While this doesn't guarantee approval, industry observers are optimistic. Bloomberg ETF analysts even increased the odds of approval to 90% after Ark Invest and 21Shares updated their spot Bitcoin ETF prospectus as requested by the SEC. š
So, keep your eyes peeled, folks! The future of Bitcoin ETFs is looking brighter than ever! š