GBTC Bitcoin Investment Trust Observer

[Fabrizio89]

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.

[Fiat_Hodler]

they should sell current shares and buy more to arbitrage already...

[Kupsi]

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.

[skivrmt]

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

[bobabouey2]

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.

[skivrmt]

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.   Don't think we'll reach $1MM today but will come close.

[bobabouey2]

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.   Don't think we'll reach $1MM today but will come close.

Oops.  And yep, looks like we closed with around $850k.

[bad trader]

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.

[bad trader]

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

[JorgeStolfi]

[ 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?

[Chainsaw]

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.

[bad trader]

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.

[OgNasty]

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.

[Fiat_Hodler]

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.

[pleaseexplain]

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.

[Fiat_Hodler]

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.

There is no reason GBTC should have been double the market price of bitcoin to begin with. Its called arbitrage although GBTC doesnt have the best system for it...

[Chef Ramsay]

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.

There is no reason GBTC should have been double the market price of bitcoin to begin with. Its called arbitrage although GBTC doesnt have the best system for it...

The interesting thing is that arbitrage is going well for those that took advantage of it up to this point. The case is closed now considering things are so close so it will be rowdy if there is anymore of this such action going forward.

[OgNasty]

no i think is bad ie bad for these type of products. if the early adopters to something get burnt ARE STUPID AND BLINDLY INVEST WITHOUT DOING THEIR RESEARCH  - 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 THEY WILL LOSE THEIR MONEY, AS THEY SHOULD.

Fixed that for you.

[JorgeStolfi]

There is now a bid by ATDF for 10'000 shares at 0.01 $/share (0.10 $/BTC).  And also a sell offer by them for 100 shares at 101.00 $/share (1010 $/BTC).

Are they making fun of the market, or what?

[bobabouey2]

There is now a bid by ATDF for 10'000 shares at 0.01 $/share (0.10 $/BTC).  And also a sell offer by them for 100 shares at 101.00 $/share (1010 $/BTC).

Are they making fun of the market, or what?

Saw that.  If you recall, a while ago there were also some insanely high asks as well.

My guess is that it is either:

1 - Some random guy placed the limit order just for fun, and the broker has to post it.

2 - Someone trying to game some kind of very stupid trading bot (ie a bot that factors in total depth, regardless of size)

3 - Someone hoping to catch a "fat finger" mistake - i.e. someone placing a large sell order and mistakenly marking it as a market instead of a limit order.