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Time to Tango: BTC’s correlation with the stock markets has been strongly positive since October 2020. Although it has shown signs of declining as Bitcoin scaled new peaks, the correlation with the stock markets has recently gone up as both reacted to rising bond yield in a similar fashion. The stock markets’ turmoil on Thursday seems to have ended the argument that equity bulls remain slightly indifferent to rising Treasury yield, while Bitcoin’s massive tumble on Monday (just as the Treasury yield reached 1.36%) hints towards a similar narrative.
Different Shades of Grayscale. According to Bloomberg, shares of Grayscale Bitcoin Trust (GBTC) are trading at a discount for the first time since March 2017. Until recently, GBTC shares have been trading at a premium, which was once as high as 132.6%. In fact, the Grayscale family of products is collectively witnessing evaporating premiums, partly due to competitions from burgeoning Bitcoin ETF. Meanwhile, CI Financial, a Canadian asset manager, has filed for an ETH ETF. If it goes through, this will be the world’s first offering of its kind.
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