A small overview of what has happened during the first few days from the start of the listing of this ETC.
The listing started on the 18th, and the market has been fairly stable these days as we see:
In terms of volumes, in short, it was a fairly "tame" launch. Reminds me BAKKT launch, hopefully it will have more success than BAKKT.
Anyway it's too early to call.
Today is the record of volumes, almost 70,000 lots, equivalent to 70 BTC. More than double the volume of the first day, the previous record with 31,000 traded shares.
Definetly, the NAV performance is interesting. As you can see, also thanks to the low volatility of the underlying, the NAV has been very much aligned with the price.
Remember that the NAV on day t is calculated on the basis of bitcoin prices on day t-1, so some "misalignment" is possible in periods of high volatility.
But you see that price and NAV are extremely aligned: considering also the volatility of bitcoin, the variance has always been less than 1%.
I would say an excellent level, especially if we compare this value with the 20% premium recorded on the shares of the GrayScale fund.
From the first day I think we had a clear sign of the main characteristic of this instrument: a share price very closely refletcting the underlying Bitcoin price pattern, without the distrotions implied by the premium over the NAV embedded in GrayScale share price.