قالب وردپرس درنا توس
Home / Business / Why Tesla is turning more electric cars to lithium iron phosphate batteries

Why Tesla is turning more electric cars to lithium iron phosphate batteries



Bloomberg

As the frenzy cools, the largest Bitcoin fund sinks record discounts

(Bloomberg)-With investors eager to exit, the world’s largest Bitcoin fund is selling faster than the cryptocurrency itself. This week, the US$31.6 billion Grayscale Bitcoin Trust (stock code GBTC) plunged 22%, surpassing the 17% drop of the world’s largest Bitcoin fund. Cryptocurrency. According to data compiled by Bloomberg, this has evaporated a large premium for GBTC̵

7;s Bitcoin holdings. The price of GBTC was 3.8% lower than the price of the base currency held on Thursday-a record discount. Since the fund was launched in 2013, its trading price has been consistently higher than its net asset value. The number soared to 40% at the end of 2020, and investors were willing to increase prices to suffer from Bitcoin’s dizzying rally. The massive inflows caused GBTC’s outstanding shares to surge to a record 692 million shares. However, GBTC does not allow redemption, which means that only shares can be created, but shares cannot be destroyed. With the rise of Bitcoin now stagnating, this has created an imbalance between supply and demand as the trust’s participants seek to find buyers in the secondary market. According to Bloomberg Intelligence analyst James Seyffart. On Friday, cryptocurrencies fell another 0.2%, which is expected to achieve the worst weekly correction of the year. The broader Bloomberg Galaxy Crypto Index, which tracks Bitcoin, Ethereum and three other cryptocurrencies, fell 19.7% this week. As investors re-evaluate high valuations, high-speed technology stocks have been hit hard, and the Nasdaq 100 index is expected to hit its worst week since March. The flagship ARK Innovation ETF is expected to fall for the fifth consecutive day and is expected to erase its year-to-date gains after soaring nearly 150% in 2020. Ark Investments is the fourth largest holder of GBTC. MichaelSonnenshein, the CEO of Grayscale Investments, stated that the risk of the disappearance of the GBTC premium was expressed in a panel discussion at the Bloomberg Crypto Summit on Thursday. Sonnenshein said. Many new entrants may also challenge the competitive landscape of GBTC. The Bitwise 10 Crypto Index Fund, Osprey Bitcoin Trust Fund and SkyBridge Bitcoin Fund LP were all established in the past three months. At the same time, two Bitcoin ETFs (a structure that has not yet been approved by US regulators) began trading in Canada this month. “Since the beginning of the year, we have seen the launch of multiple competing products,” said President Nate Geraci. The headquarters of the consulting firm ETF Store. “For GBTC investors, the unpleasant truth is that competition has weakened demand for the product, which may lead to premiums or even discounts.” (The entire price is being updated.) For such articles, please visit Bloomberg. com visit us. Keep up to date with the most trusted business news sources. ©2021 Bloomberg LP


Source link