GBTC could grow 100% by mid 2023 if Bitcoin price recovery continues.
Nonetheless, as of Jan. 23, GBTC's share weight in Ark's portfolio has actually increased to 0.52% compared to its November 2022 low of 0.35%.Ark's selling of GBTC shares in the past weeks coincided with accumulation of Coinbase shares.
Cathie Wood's ARKW added 320,000 COIN shares in 2023. As a result, the Coinbase stock's weight in Ark Invest's combined ETF portfolios has reached nearly 3.62% on Jan. 23 versus 2.73% at the start of this year.
"Any bad news, be it Cathie Wood selling out of GBTC or DCG going bankrupt, will spark the same fears and doubt - of uncertainty - and likely cause an expansion of the discount once again," the firm"With Bitcoin having no real catalyst in the short term and plenty of potential downside catalysts, there are plenty of risks here from the NAV side as well."On the daily chart, GBTC has reclaimed its 50-day exponential moving average near $9.68 as support.
“We recommend GBTC…as a way to play Bitcoin because it has a ‘potential NAV kicker rebate,’ which not only means it would go up if Bitcoin goes up, but also closing its current large 35% rebate on NAV,” Ned Davis Research said in a note to clients. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
FBI Seizes Bitcoin From Overseas Scammers Who Posed as US Law Enforcement Officials – Featured Bitcoin NewsThe FBI says it has seized bitcoin worth millions of dollars from overseas scammers who posed as members of US law enforcement agencies. $BTC cryptocurrency crypto
Les mer »
Objections Raised Over Appointment of Sullivan & Cromwell as Debtors' Counsel for FTX – Bitcoin NewsBankruptcy judge John Dorsey approved the law firm Sullivan & Cromwell to be appointed as the debtors' counsel for FTX, despite an objection. FTXcollapse FTXbankruptcy
Les mer »
Bitcoin due new 'big rally' as RSI copies 2018 bear market recoveryBitcoin has printed a weekly RSI bullish divergence for the first time ever, with positive implications for BTC price.
Les mer »
All Eyes on the Next Fed Meeting: Market Trajectories Hinge on Decision – Economics Bitcoin NewsEquities, PMs, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next FOMC meeting.
Les mer »
Jim Cramer Thanks SEC Chairman for Standing up to 'Crypto Bullies' Seeking Spot Bitcoin ETF Approval – Regulation Bitcoin NewsMad Money's Jim Cramer has thanked SEC Chairman Gary Gensler for standing up to the crypto bullies who want a spot bitcoin ETF approved. cryptocurrency $BTC
Les mer »
Bank of America: 'Digital Currencies Appear Inevitable' – Featured Bitcoin NewsBank of America says 'digitalcurrencies appear inevitable,' calling CBDCs 'a natural evolution of today's monetary and payment systems.'
Les mer »