Bitcoin is up nearly 4% and at the highs of the day at $47,655.
Money is rolling in with the ETF hype-machine peaking as trading is set to start at the bottom of the hour. The question is whether this will be a sell-the-fact trade or not.
One spot to watch will be GBTC, the Grayscale Bitcoin Trust. It traded at a 7% discount to NAV yesterday and that should presumably close at some point. If it does, look for money to cycle out of its high-fee (1.5%) structure to others charging 0.2-0.3%. That will create some confusing flows for those who are trying to track total AUMs in all the bitcoins.
What’s I’m asking is: What will be the incentive to by bitcoin next week? The halving is coming but is that going to hold up the market for three months?
This article was written by Adam Button at www.forexlive.com. Source