Grayscale's $GBTC discount to NAV fell to as low as 26% at one point last week – the trimmest level since May 2022 – and currently sits at about 27%, according to data from Ycharts. LedesmaLyllah and godbole17 report in First Mover Americas
The British multinational bank in April had put out a $100,000 forecast for the end of 2024, noting at that time the banking crisis, among other factors."We now think this estimate is too conservative, and we therefore see upside to our end-2024 target," yesterday’s report said, this time pointing to increased miner profitability as among the bullish catalysts.
In other words, miners have transferred over 77,000 BTC to exchanges in the past 30 days, adding to selling pressure in the market. Disclaimer: This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our
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