The premium of GBTC fund has narrowed to 0.02%

The premium of the Grayscale Bitcoin Trust (GBTC) fund has narrowed to 0.02%. The GBTC fund has a size of about $21 billion, and its premium was previously one of the most popular arbitrage strategies in the cryptocurrency field. Hedge funds would borrow Bitcoin, exchange it for shares in GBTC, and then sell these shares on the secondary market after a lock-up period. However, with the launch of physically backed Bitcoin ETFs, this trade is no longer feasible.

A spokesperson for Grayscale stated: "As the world's largest Bitcoin product with the highest daily trading volume, tightest bid-ask spread, and longest track record, GBTC undoubtedly serves as a cornerstone in the spot Bitcoin ETF market by continuing to provide ETF users with confident, reliable, regulated exposure to Bitcoin."