Investors Turn to Fundamentals as GBTC Plunges to a 9% Discount

Bitcoin fund demand versus miner selling pressure

Source: Bloomberg; ByteTree Asset Management. 30-day change in all known Bitcoin-only funds holdings in BTC less sales from miners since 2016.

The Grayscale discount widens

Source: Bloomberg. Grayscale Bitcoin Trust with net asset value. Lower chart premium/discount to net asset value past year.

On-chain transaction value (TV$)

Source: ByteTree Asset Management. Total on-chain transaction value and the Bitcoin price past year.

Bitcoin Fair Value

Source: ByteTree Asset Management. Fair value and the Bitcoin price past year.

The Bitcoin Premium

Source: ByteTree Asset Management. Fair value and the Bitcoin price past year.

Velocity

Source: ByteTree Asset Management. Bitcoin network velocity past year.

Fees

Source: ByteTree Asset Management. Fair value and the Bitcoin price past year.

To avoid the pain, check the chain

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