2024-07-03 04:52:51 ET
Summary
- Despite high fees, GBTC holders may still see capital appreciation due to Bitcoin's fundamental setup.
- From a seasonality standpoint, July is typically a phenomenal month for GBTC returns. Second only to October during the typical year.
- Investment capital flow for Bitcoin flipped back to positive in the last week of June, and stablecoin trends may foreshadow a BTC bid.
- There are serious risks, however. BTC's NVT valuation is astronomical and daily active addresses have been falling rapidly.
When I last covered the Grayscale Bitcoin Trust ETF ( GBTC ) for Seeking Alpha, I downgraded the fund and cited the ETF's uncompetitive fees relative to similar products in the United States. In the time since the publication of that article, we've seen further fee flight from GBTC culminate in the fund losing the top spot among US-based Bitcoin ETFs measured by BTC AUM:
Read the full article on Seeking Alpha
For further details see:
GBTC: Seasonality Says Buy (Rating Upgrade)