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Topic: GBTC Bitcoin Investment Trust Observer - page 29. (Read 262354 times)

member
Activity: 73
Merit: 10
The GBTC market closed at the all time low at 27.15 dollars per share (~280 dollars per bitcoin) with volume of 4950 shares (less than 490 bitcoins).



Meanwhile, the volume of Bitcoin Tracker One was ~949 bitcoins.



thats actually pretty nice news. More people will want to invest as the price becomes more reasonable.

no i think is bad ie bad for these type of products. if the early adopters to something (here a way of getting into the market without actually owning bitcoin) get burnt  - as i assume they bought their shares at a much higher value a year ago - and in the longer term there is no material benefit (premium) from doing something (eg buying GBTC over bitcoin itself) then GBTC will just wither on the vine.
full member
Activity: 196
Merit: 100
The GBTC market closed at the all time low at 27.15 dollars per share (~280 dollars per bitcoin) with volume of 4950 shares (less than 490 bitcoins).



Meanwhile, the volume of Bitcoin Tracker One was ~949 bitcoins.



thats actually pretty nice news. More people will want to invest as the price becomes more reasonable.
donator
Activity: 4760
Merit: 4323
Leading Crypto Sports Betting & Casino Platform
The GBTC market closed at the all time low at 27.15 dollars per share (~280 dollars per bitcoin) with volume of 4950 shares (less than 490 bitcoins).

A couple more dollars and it might make for a reasonable investment.
sr. member
Activity: 344
Merit: 250
The GBTC market closed at the all time low at 27.15 dollars per share (~280 dollars per bitcoin) with volume of 4950 shares (less than 490 bitcoins).



Meanwhile, the volume of Bitcoin Tracker One was ~949 bitcoins.

hero member
Activity: 625
Merit: 501
x
The premium is nearly gone, with 1500 share offer sitting at $26.
I wouldn't be surprised to see "The Maxim bid" - 50,000 shares, show up again tomorrow. It'd be amusing if they put it back at $35 - it would be viewed quiet differently than when they initially posted it :-)

I bought in (with HODL intentions, unless the market gets crazy). Half at 32.50, the other half at 28.50.
hero member
Activity: 910
Merit: 1003
[ last updated 2015-05-21 ]

Greyscale BIT shares (GBTC) daily trading summary:

           !    OTX !    OTX !    FRT !    FRT !    FRT !    FRT !        FRT !       FRT !      FRT !          
Date       ! UpS_LO ! UpS_HI ! UpS_LO ! UpS_HI !   VSHR !   VBTC !       VUSD !       UpS !      UpB ! OBS      
-----------+--------+--------+--------+--------+--------+--------+------------+-----------+----------+----------
2015-05-04 |  37.98 |  42.00 |    .   | 200.00 |    765 |   76.5 |        .   |    .      |    .     | (*0)(*1)
2015-05-05 |  55.00 |  94.86 |  50.00 | 175.00 |    435 |   43.5 |   32198.00 |  74.01839 | 740.1839 | (*0)    
2015-05-06 |    .   |    .   |  65.00 |  68.00 |    125 |   12.5 |    8268.50 |  66.14800 | 661.4800 | (*0)    
2015-05-07 |  40.00 |  66.00 |  40.00 |  86.00 |   2844 |  284.4 |  163651.00 |  57.54255 | 575.4255 |          
2015-05-08 |  49.00 |  59.00 |  49.00 |  59.00 |  14807 | 1480.7 |  750019.70 |  50.65305 | 506.5305 |          

2015-05-11 |  50.00 |  57.95 |  49.50 |  57.95 |   2756 |  275.6 |  143247.34 |  51.97654 | 519.7654 |          
2015-05-12 |  49.00 |  50.01 |  49.00 |  52.25 |   2286 |  228.6 |  113299.25 |  49.56223 | 495.6223 |          
2015-05-13 |  49.00 |  49.00 |  49.00 |  50.00 |    327 |   32.7 |   16113.10 |  49.27554 | 492.7554 |          
2015-05-14 |  44.00 |  49.00 |  44.00 |  49.95 |  20894 | 2089.4 | 1004923.74 |  48.09628 | 480.9628 | (*2)    
2015-05-15 |  38.00 |  45.00 |  38.00 |  45.00 |   2320 |  232.0 |   97444.35 |  42.00188 | 420.0188 |          

2015-05-18 |  27.15 |  38.00 |  27.15 |  38.00 |   4950 |  495.0 |  158115.83 |  31.94259 | 319.4259 |          
2015-05-19 |  27.90 |  29.50 |  27.89 |  29.90 |   4308 |  430.8 |  122327.92 |  28.39552 | 283.9552 |          
2015-05-20 |  29.25 |  32.25 |  29.25 |  32.25 |   4859 |  485.9 |  148652.00 |  30.59313 | 305.9313 |          
2015-05-21 |  30.50 |  32.00 |  30.50 |  32.00 |   2882 |  288.2 |   90663.50 |  31.45854 | 314.5854 |

"OTX" data from the GBTC quote page at OTCQX.
"FRT" data from the Freerealtime site, except those flagged (*0) and (*1) (see below).

UpS_LO = Lowest price (USD/share) in the specified day.

UpS_HI = Highest price (USD/share) in that day.

VSHR = Number of shares traded in that day.

VBTC = Number of BTC equivalent to those shares (ignoring fees) = VSHR*10.

VUSD = Trade volume in USD (sum over all trades of num of shares times price per share).

UpS = Average price in day (USD/share) = VUSD/VSHR.

UpB = Implied bitcoin price (USD/BTC) = VUSD*10/VSHR.

OBSERVATIONS:

(*0) The "FRT" price range for this entry was obtained from this post.

(*1) For 2015-05-04, the values of UpS_LO, VSHR, VUSD, and UpS could not
be determined; the value of VSHR was taken from the OTCQX page.

(*2) The summary pages at OTCQX and FreeRealTime.com say VSHR = 19894, but
adding the FreeRealTime list of trades we get 20894 (1000 more). The
VSHR value given above is the latter. There were 2 trades near the end of the
day; perhaps one was undoing the other?

sr. member
Activity: 344
Merit: 250
The GBTC market closed at 38 dollars per share with volume of 2320 shares (less than 230 bitcoins).

sr. member
Activity: 344
Merit: 250
The GBTC market closed at 45 dollars per share with volume of 19894 shares (less than 1950 bitcoins).



The previous volume record of 14807 on Friday was broken.
sr. member
Activity: 248
Merit: 250
Wonder if GBTC can make it to $1m in volume today, almost at $80k at this time.

As the premium to NAV keeps declining, FOMO on the premium may be accelerating some sales.

I think you mean $800k, not $80k. Smiley  Don't think we'll reach $1MM today but will come close.

Oops.  And yep, looks like we closed with around $850k.
hero member
Activity: 994
Merit: 501
Wonder if GBTC can make it to $1m in volume today, almost at $80k at this time.

As the premium to NAV keeps declining, FOMO on the premium may be accelerating some sales.

I think you mean $800k, not $80k. Smiley  Don't think we'll reach $1MM today but will come close.
sr. member
Activity: 248
Merit: 250
Wonder if GBTC can make it to $1m in volume today, almost at $80k at this time.

As the premium to NAV keeps declining, FOMO on the premium may be accelerating some sales.
hero member
Activity: 994
Merit: 501
4. They are too incompetent/scared to buy and secure the same asset for less than half price, but still want to hodl.

They can buy new BIT shares from Second Market / Grayscale.

Yes but you can't sell them within 12 months so no real arb opp
legendary
Activity: 1193
Merit: 1003
9.9.2012: I predict that single digits... <- FAIL
4. They are too incompetent/scared to buy and secure the same asset for less than half price, but still want to hodl.

They can buy new BIT shares from Second Market / Grayscale.
full member
Activity: 196
Merit: 100
they should sell current shares and buy more to arbitrage already...
hero member
Activity: 924
Merit: 1000
They just hoped this thing would have caused a mini bubble and they could sell more on top of it. The greatest part of their shares were bought from people at the top of the last bubble anyway for what I recall. Really a master plan if you look on the big picture. This time they failed and I will be more than happy to see this joke end.
sr. member
Activity: 392
Merit: 250
That the BIT 12 month bagholders of 100's of thousands of shares refuse to sell at $490 per btc equiv? Me too.

Could they be waiting in the hope that the GBTC price will go higher?
I have 5 scenarios in mind.

1. It is a tiny portion of their net worth and they are willing to ride to the moon or $0.

2. It is a tiny portion of their net worth and they can't be arsed to bother transferring shares to sell.

3. They are waiting until Nov, Dec 2015 to use capital losses to offset capital gains in other arenas.

4. They are too incompetent/scared to buy and secure the same asset for less than half price, but still want to hodl.

5. Selling hundreds of thousands of shares would drive GBTC price to or below NAV of the trust.
hero member
Activity: 910
Merit: 1003
That the BIT 12 month bagholders of 100's of thousands of shares refuse to sell at $490 per btc equiv? Me too.

Could they be waiting in the hope that the GBTC price will go higher?
sr. member
Activity: 392
Merit: 250
The GBTC market closed at 49 dollars per share with volume of 327 shares (less than 32.1 bitcoins).
I'm flabbergasted.
That the BIT 12 month bagholders of 100's of thousands of shares refuse to sell at $490 per btc equiv? Me too.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
The GBTC market closed at 49 dollars per share with volume of 327 shares (less than 32.1 bitcoins).
I'm flabbergasted.
sr. member
Activity: 344
Merit: 250
The GBTC market closed at 49 dollars per share with volume of 327 shares (less than 32.1 bitcoins).



It looks like OTCMarkets lied to me. GBTC officially closed at 49.95 yesterday, not at 49.00. Today it should be 49.00, though.

There were not many trades:
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