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Crypto Thesis for 2023 | Ryan Selkis
Bankless
Cryptocurrency Trading - The Longest Short of It
For years you had a 10 20 30 50 percent premium at times i'm gbtc shares versus the underlying value some funds including three hours capital and block five saw that and started to think hmm well we can just run this trade. In february 2021 that premium went from about a 25 percent premium to a 15 20 discount in the matter of like a week so it essentially killed the trade. Now those levered positions are underwater versus the underlying trust assets but again because this isn't an ETF the only path the liquidity is through the shares right it's in anETF.
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