Bitcoin sell-off hammers cryptocurrency’s biggest fund
Bitcoin falls for a fifth day to a two-week low, its longest losing streak since December
25 March 2021 - 21:42
Bitcoin’s worst sell-off since December is dealing a particularly harsh blow to the biggest fund tracking the cryptocurrency.
The $29.4bn Grayscale Bitcoin Trust has dropped about 20% so far this week, nearly double the decline in the world’s largest cryptocurrency. GBTC closed over 14% below the value of its underlying holdings on Wednesday as a result — a record discount, according to data compiled by Bloomberg. The dislocation has deepened despite Grayscale Investment parent Digital Currency Group’s plans to purchase up to $250m worth of GBTC shares...
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