GBTC premium rose 36 percent: What does this mean?
Tom Lee, CEO of Fundstrat, says that the Bitcoin Investment Trust (Bitcoin Investment Trust) has increased its premiums by 36 percent. The increase is a clear indication that there are more institutional buyers who invest in Bitcoin, according to the famous expert. This indicator shows that 2019 performed better than the unfortunate performance of the market in 2018.
GBTC came from Grayscale Investment and appeared almost four years ago in the OTC market. When it was released to the market, it was the first Bitcoin vehicle to be sold publicly and offered traditional investors the opportunity to trade Bitcoin on the stock exchange. As U.Today stated, historically GBTC served as a contrarian indicator for Bitcoin. While GBTC is trying to stand closer to losing its premium, it can often mean that there is another bull movement in the market.
Will Bitcoin see $ 25,000?
Tom Lee predicted that Bitcoin will reach $ 25,000 last year, but the bull run to push the crypto into this level has never come. With unpredictable Tom Lee, he stopped struggling to make predictions, but recent rises in the price of Bitcoin led to a desire to see the rise of the crypto presence. If the figures really reflect the new institutional investors, then maybe Tom Lee will renew his $ 25,000 estimate for Bitcoin.
Bitcoin, the flagship of the crypto coins, was up 0.97 percent at the time of writing to $ 3.965. The crypto currency currently has a market value of $ 69 billion. Bitcoin manages a recent 24-hour trading volume of $ 9 billion at the time of writing. According to experts, if any potential investor is currently looking to market, the price may be a good time to choose whether to wait or invest to see if momentum continues, if the price falls below $ 4,000.