$GBTC Speculation, Information, and Cogitation

[alani123]

Some big trading volume today. The daily range is somewhat wide but the price price doesn't seem to be taking any significant movements either way though at the end of the day.

[BayAreaCoins]

Some big trading volume today. The daily range is somewhat wide but the price price doesn't seem to be taking any significant movements either way though at the end of the day.

Happy to see some volume.

The other Bitcoin markets give zero fucks which is a little funny, but hey.

[Fiat_Hodler]

Some big trading volume today. The daily range is somewhat wide but the price price doesn't seem to be taking any significant movements either way though at the end of the day.

Happy to see some volume.

The other Bitcoin markets give zero fucks which is a little funny, but hey.

because compared to actual exchanges volume isnt much. Although price kinda makes you raise your eyebrows.

[WhatTheGox]

Some big trading volume today. The daily range is somewhat wide but the price price doesn't seem to be taking any significant movements either way though at the end of the day.

Happy to see some volume.

The other Bitcoin markets give zero fucks which is a little funny, but hey.

because compared to actual exchanges volume isnt much. Although price kinda makes you raise your eyebrows.

Its slowly growing, pretty impressive volume for just starting out imo.  More and more whales are going to be getting interested off the back of GBTC.  The start of wall street push lets hope.

[alani123]

because compared to actual exchanges volume isnt much. Although price kinda makes you raise your eyebrows.

I don't really feel that comparing GBTC to actual bitcoin exchanges is the best comparison you can make. Both cater to very to different markets and serve different demands. But GBTS seems to be gaining volume at an increasing rate, I'm not sure if this could be sustained and extended in a longer term session or if it's just the hype of a market opening. Surely though, it's nice to see a bigger variety financial products involving bitcoin. Given the good start GBTC keeps enjoying, I think it at least has some potential as an asset.

[Sitarow]

http://quotes.freerealtime.com/dl/frt/M?IM=quotes&symbol=GBTC&type=Time%26Sales&SA=quotes

Time and Sales for Bitcoin Investment Trust May 15, 2015
Symbol: (GBTC)           
Time      Price   Volume   Market
15:56:58      39.00   5   OTO
15:55:35      38.00   100   OTO
15:51:09      39.00   20   OTO
15:51:05      39.50   200   OTO
15:50:54      39.70   50   OTO
15:46:37      40.10   10   OTO
14:12:01      40.10   1   OTO
13:27:20      40.05   25   OTO
13:01:46      40.00   130   OTO
12:29:15      40.00   171   OTO
12:28:55      40.00   75   OTO
12:28:46      40.00   116   OTO
12:28:06      40.50   9   OTO
12:11:47      40.00   7   OTO
11:12:09      40.00   79   OTO
11:07:09      41.00   25   OTO
11:06:48      41.00   100   OTO
10:41:24      41.00   30   OTO
10:30:16      42.00   2   OTO
10:26:59      42.00   90   OTO
10:26:41      42.00   100   OTO
10:19:49      43.90   60   OTO
10:16:34      42.00   15   OTO
10:04:12      44.00   5   OTO
09:32:29      44.50   100   OTO
09:32:27      44.50   91   OTO
09:32:23      44.50   450   OTO
09:31:08      45.00   245   OTO
09:30:05      45.00   9   OTO
05/14      45.00   500   OTO

[Fabrizio89]

Volume spikes and dies, it's pretty easy to understand that it's just some arbitrage goin on infact the price is correcting and coming down to reality (don't forget that part of the premium is because it's tax free)

[Keyser Soze]

It appears that Maxim is no longer providing a floor (close to recent trades.) Without the floor, it's no surprise the price fell a lot on low volume.

[derpinheimer]

It appears that Maxim is no longer providing a floor (close to recent trades.) Without the floor, it's no surprise the price fell a lot on low volume.

I think most of the buyers were exhausted yesterday. Hopefully monday brings some more buyers.

[Cconvert2G36]

It appears that Maxim is no longer providing a floor (close to recent trades.) Without the floor, it's no surprise the price fell a lot on low volume.

I think most of the buyers sellers were exhausted yesterday. Hopefully monday brings some more buyers sellers.

This asset is severely constrained in ask supply only. The only part of the buy-side that is in short supply are the people willing to pay ridiculous 100% markups.

[bad trader]

The GBTC market closed at 38 dollars per share with volume of 2320 shares (less than 230 bitcoins).

[derpinheimer]

The GBTC market closed at 38 dollars per share with volume of 2320 shares (less than 230 bitcoins).

Isnt that 232 bitcoins? So just over 230?

[phoenix1]

The GBTC market closed at 38 dollars per share with volume of 2320 shares (less than 230 bitcoins).

Isnt that 232 bitcoins? So just over 230?

Actually no ... note that 1 share is 'approx 0.1 BTC', which translates as '0.1 BTC - (2% pa, comound)'. At the moment it looks like it is about .0965 BTC > about 225 BTC  
Another typical BTC 'sleight of hand'   - should be made much clearer on that quote page than it is. Instant 3.5% haircut ... wahooooo !!

https://tradeblock.com/markets/igsc/xbt-usd/1h/

It may have some sort of tax benefits, but Shillbert is levying his own tax ...

And people are STILL paying a premium for this low liquidity shite  

[JorgeStolfi]

Posted on reddit:

Seeking Alpha, Jordan Flannery May. 15, 2015
Bitcoin Investment Trust: Avoid This Vehicle As It Trades At 101% Premium To NAV
http://seekingalpha.com/article/3188116-bitcoin-investment-trust-avoid-this-vehicle-as-it-trades-at-101-percent-premium-to-nav

[Cconvert2G36]

Jordan Flannery... such advice, many insight.

[spiderbrain]

Posted on reddit:

Seeking Alpha, Jordan Flannery May. 15, 2015
Bitcoin Investment Trust: Avoid This Vehicle As It Trades At 101% Premium To NAV
http://seekingalpha.com/article/3188116-bitcoin-investment-trust-avoid-this-vehicle-as-it-trades-at-101-percent-premium-to-nav

That's funny -

beware because GBTC will likely converge with the NAV over the long term, so you might be paying too much by buying shares at NAV which trade at a 100% premium to NAV a year later.

Like anyone knows what BTC will be worth in a year! If you're worried about a possible factor of 2 in either direction in a year, bitcoin is not for you =D

[bad trader]

The GBTC market closed at 38 dollars per share with volume of 2320 shares (less than 230 bitcoins).

Isnt that 232 bitcoins? So just over 230?

Actually no ... note that 1 share is 'approx 0.1 BTC', which translates as '0.1 BTC - (2% pa, comound)'. At the moment it looks like it is about .0965 BTC > about 225 BTC  
Another typical BTC 'sleight of hand'   - should be made much clearer on that quote page than it is. Instant 3.5% haircut ... wahooooo !!

Yeah, I haven't bothered to figure out what the exact BTC value of GBTC is, so I've been just taking 2% off and then throwing out some roundish number above that.

[alani123]

15% losses! Ouchy, if there's actual arbitrage going on, we could expect the price going even lower depending on to what extent this is followed. For the short term, I do expect the price rebounding a little after such losses.

[Chainsaw]

Well we hit $35.
No real volume to support the level. Now we get to find out if the initial, large $35 Bid by Maxim will serve as support.
Watching with interest this morning.

EDIT: Well that took about 30 seconds. We just sold at $34. I think now we are more likely to drop quite a bit, then find the real bottom/equilibrium, somewhere between 0 and 50%.

[bitbouillion]

Now 31. The "steam" is out. It's only a matter of time when it will trade at fair value, especially when you can get in (via a $25k investment into the fund)  at the BTC-exchange price.