Grayscale Bitcoin Trust Discount Evaporating and Traders Back New Bitcoin ETF Token With More Than $2m as Sellout Looms and SEC Approval Bets Mount

cryptonews.com:

Thursday, November 24, 2023 – The Grayscale Bitcoin Trust (GBTC) discount is evaporating and the new Bitcoin ETF Token ($BTCETF) has attracted $2 million from traders in the latest two indications that bets on the imminent approval of a spot Bitcoin ETF are piling up.

Meanwhile, the founder of Galaxy Digital Holdings, Michael Novogratz, believes that a spot Bitcoin ETF approval will see the Bitcoin price return to its all-time high near $69,000 printed in November 2021. 

“We will see a pretty successful shift of psychology when the government says you are allowed to buy Bitcoin,” says Novogratz, who expects billions of dollars of new money currently sitting on the side-lines to flood into the market.

Bloomberg Intelligence analysts reckon there is a 90% chance of a Bitcoin ETF being approved. It is this expectation that has seen the price of Bitcoin double this year to outperform all other asset classes.

The new Bitcoin ETF Token is gaining traction as the only cryptocurrency designed specifically to reward its holders when a spot Bitcoin ETF is approved. 

Its value is tied to real-world milestone events related to Bitcoin and Bitcoin ETF products, such as their approval, launch, assets under management, and trading volumes. 

These milestone achievements act as trigger points for burns that drive up the value of the $BTCETF token, which is proving to make the new cryptocurrency one of the smartest ways to play the Bitcoin ETF investment theme.

For those who are able to access the Grayscale Bitcoin Trust over-the-counter market through their broker of choice, this provides an alternative approach for playing this market. 

At the beginning of this year the discount was -46%, but today it is just -8%. The discount measures how much