Is GBTC supposed to be 1/10 of Bitcoin price, with Bitcoin at $580, it should be $58, not close to $100.
I am very confused about this price, can anyone share some insight with me, much appreciated.
Prices are not controlled.
I think they are independent and it all based on supply and demand of these coins.
What you said make sense, but I am quite surprised that a person is willing to pay nearly 50% premium. Maybe because GBTC itself is low volume, and it is the only choice for now.
Cos it is illiquid low volume hookey shit, and someone, somewhere, is making a fucking killing in it.
Who buys an ETF trading at twice the value of the commodity that is meant to be backing it? There is no reasonable explanation for this.
As stated above, this is a separate currency that is controlled by searate markets.
It may be that the Bitcoin investors are holding off on greater pumps and dumps until after the block halving.