Grayscale’s GBTC product has hit an all-time low.
The selling pressure that started with the collapse of UST caused the crypto industry to go into a big decline. Added to that, macroeconomic conditions have negatively impacted the crypto market as a whole, with institutional demand hitting rock bottom.
GBTC has hit an all-time low, down 33.71% from its NAV.
The failure of Bitcoin to gain momentum after a turbulent month shows that the dark days of the asset may last even longer.
Grayscale’s other products also continue to decline. Grayscale Ethereum Trust shares also fell 34%. Similarly, Grayscale Litecoin Turst and Grayscale Ethereum Classic Trust products also recorded decreases of 37.5% and 47.73%, respectively. Bitcoin Cash Trust, on the other hand, dropped 8%.
Although Grayscale’s total assets under management (AUM) were over $50 billion for a period, this amount decreased to $13.3 billion due to the huge decline in the market.
