The majority of Grayscale’s cryptocurrency investment products are trading at record discounts except for the Decentraland (MANA) trust, Chainlink (LINK) trust and Filecoin (FIL) trust.
MANA, LINK and FIL trading at 55.7%, 6.58% and 200% Premium
Data from Coinglass.com reveals that the three trusts are currently trading at the following premium rates.
- Grayscale Decentraland (MANA) trust => 55.7%
- Grayscale Chainlink (LINK) trust => 6.58%
- Grayscale Filecoin (FIL) trust => 200%
Bitcoin, Ethereum and Other Trusts Trading at Record Discount Rates
However, all other Grayscale crypto investment products are trading at a discount, as highlighted below.
- Grayscale Bitcoin (BTC) Trust => -42.36%
- Grayscale Ethereum (ETH) Trust => -45.74%
- Grayscale Ethereum Classic (ETC) Trust => -67.48%
- Grayscale Litecoin (LTC) Trust => -54.24%
- Grayscale Bitcoin Cash (BCH) Trust => -41.41%
- Grayscale Zcash(ZEC) Trust => -48.78%
- Grayscale Horizen (ZEN) Trust => -24.73%
- Grayscale Stellar (XLM) Trust => -12.2%
- Grayscale Liverpeer (LPT) Trust => -54.63%
- Grayscale Basic Attention (BAT) Trust => -13.04
Could The Record Discount Rates Signal a Bitcoin Bear Market Bottom?
The record discounts on the above Grayscale investment products coincide with the ongoing bear market that has resulted in Bitcoin dropping by almost 80% from its November 2021 peak value of $69k to a local low of $15,400 set on November 21st, 2022.
Historically, Bitcoin and bear markets last anywhere between nine and twelve months.
Therefore, the fact that it has been one year since the most recent all-time high and Grayscale’s investment products are mostly trading at historical discounts could imply that a Bitcoin and crypto bear market bottom has been reached or is close by.
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