By Qin Xiaofeng, Odaily Planet Daily
Grayscale recently won a landmark lawsuit against the U.S. Securities and Exchange Commission (SEC), with the court ruling that the SEC's rejection of a Bitcoin spot ETF lacked sufficient justification. While final approval remains uncertain, this legal victory has significantly boosted market confidence.
Market Response to Grayscale's Legal Win
- GBTC Trading Volume Surge: Yahoo Finance data shows Grayscale Bitcoin Trust (GBTC) traded 20 million shares yesterday—the highest volume since June 2022's market crash.
- Reduced Discount Rate: GBTC's discount narrowed to 18.06%, the lowest level this year.
Fineqia analyst Matteo Greco noted: "GBTC's narrowing discount signals growing investor confidence in eventual ETF approval, prompting strategic purchases at discounted rates."
Key Trends in Grayscale's Crypto Trusts
Of Grayscale's 14 crypto trusts:
- 7 currently trade at discounts (down from 11 in early 2023)
- 4 shifted to premiums since January (XLM, MANA, ZEN, BAT)
- Discounts narrowed significantly across remaining products
Notable Performance Highlights:
| Trust (Ticker) | Jan Discount | Current Status | Peak Performance |
|---|---|---|---|
| ETCG (ETC) | -76.69% | -50.49% | Worst performer |
| BCHG (BCH) | -56.98% | -42.5% | -5.56% (Jul 4) |
| LTCN (LTC) | -65.23% | -19.03% | Matching BCHG |
| ZCSH (ZEC) | - | 16.02% | Two premium spikes |
| GXLM (XLM) | - | +150% | 417.75% (Jul 1) |
| HZEN (ZEN) | - | +47.89% | Jun-Sep premium |
| GBAT (BAT) | -40% | +42.46% | Jun-Jul surge |
Standout Performers
- LINK Trust (GLNK): Maintained positive premiums all year, peaking at 251.35%
- MANA Trust: Premiums since March, current +50%
- FIL Trust (FILG): Started at +109%, peaked at 783.05%
- Solana Trust (GSOL): Consistently +270% premium since April OTC launch
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FAQ Section
Q: Why did Grayscale's legal victory impact trust premiums?
A: The ruling increased ETF approval expectations, making discounted trust shares more attractive to anticipatory investors.
Q: Which Grayscale trusts show the most stability?
A: LINK and FIL trusts have maintained consistent premiums throughout market fluctuations.
Q: How can investors leverage these premium trends?
A: By monitoring discount/premium cycles and aligning purchases with market sentiment shifts.
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Disclaimer: Content represents market analysis only, not investment advice. Always conduct independent research and consult financial professionals before making investment decisions.