According to data from trading firm Webull, around 70% of Grayscale GBTC holders likely remain in profit. The average shares were purchased at $27.82, some 20% below the current price as of press time. The Webull data shows the state of the trust the day before its conversion to a spot Bitcoin ETF and indicates The post Why most Grayscale investors may remain in profit if GBTC falls further 20% to $27 appeared first on CryptoSlate.

BlackRock’s iShares Bitcoin Trust recorded its first discount to its Net Asset Value (NAV) on Jan. 19, dropping to a discounted rate of -0.30%, according to official BlackRock data. “The above table and line graph present information about the differences between the daily closing price for shares of the fund and the fund’s net asset The post Grayscale NAV flips BlackRock as IBIT records first discount to Bitcoin since launch appeared first on CryptoSlate.

Despite Beijing’s 2021 ban on crypto trading, a thriving underground market reportedly continues to operate in China. The Wall Street Journal (WSJ) reported that investors circumvent the country’s stringent regulations through informal networks through VPNs, social media, and physical trading. China is one of the world’s most stringent regions for crypto trading. Authorities actively pursue The post China’s underground crypto market thrives despite harsh trading ban: WSJ appeared first on CryptoSlate.

Building on CryptoSlate’s recent analysis of the competing Bitcoin inflows and outflows between BlackRock and Grayscale, I extrapolated the data even further to see just how long BlackRock could sustain its current average Bitcoin accumulation. At a high level, BlackRock’s entry through Bitcoin ETFs is a substantial moment for Bitcoin’s reputation in the United States. The post If BlackRock continues 6k BTC daily buys we get a supply crunch within 18 months, here’s why appeared first on CryptoSlate.

In an interview at the recent VettaFi CryptoCurrency Symposium, Jay Jacobs, U.S. Head of Thematics and Active Equity ETFs at BlackRock, highlighted the journey to launching the iShares Bitcoin Trust ETF (IBIT) and BlackRock’s longer-term view on blockchain. Development of the iShares Bitcoin Trust, he explained, stemmed from client demand for incorporating diverse asset classes The post BlackRock eyes blockchain beyond Bitcoin through smart contract supply chains appeared first on CryptoSlate.