11.13 daily preview, let’s talk about Grayscale today.
Since 2020, Grayscale has adopted an active "buy, buy, buy" strategy for Bitcoin, and for a time became a top player and was given the nickname "Grayscale Dad". Later, in the short bull market cycle, Grayscale's alt-trust holdings also received high attention from the market. From the perspective of product selection, except for the two relatively frustrated LPT and Stellar, most of the other products are acceptable in terms of liquidity and reputation. However, as the premium of GBTC turned negative, Grayscale's influence plummeted, and its nickname changed from "Grayscale Dad" to the ridiculed "Greyhound", and the alt-trust also performed mediocrely for a long time. However, the situation has begun to improve since the recent ETF gimmick is about to enter a new stage. At present, the negative premium of Bitcoin and Ethereum trusts is shrinking. From the perspective of rat warehouses, this is nothing, but the positive premium of some alt-trusts under Grayscale has reached an astonishing level, which means a bit of short-term overheating. Even if GBTC can be successfully converted into a spot trust, the remaining issues of the big pie are still a hot potato, and directly transferring benefits to the copycat trust may not be a simple matter that can be achieved overnight.
