- On January 19, several spot Bitcoin ETFs immediately fell into the discount zone.
- Among them is IBIT from BlackRock.
According to YCharts, on January 19, 2024, BlackRock’s spot Bitcoin ETF, IBIT, experienced a decrease in value and fell into the discount zone.
The discount zone indicates that the fund is trading at a price below its net asset value per share. In the case of IBIT, the discount was 0.3% on January 19.
It is worth noting that since its entry into the market on January 11, IBIT had been trading at a premium, which means its price was higher than its net asset value per share.
The current price of IBIT shares, as reported by YCharts, is $23.08. The fund boasts total assets under management (AUM) of $1.2 billion.
Another Bitcoin ETF, FBTC from Fidelity Investments, also experienced a decline and entered the discount zone with a discount of 0.3%. GBTC’s discount was slightly lower at 0.27%.
Crypto expert Arthur Hayes predicts that the price of Bitcoin will continue to decline, potentially dropping to the level of $40,000 and even lower.
Grayscale Investment’s CEO has previously stated that many spot exchange-traded funds based on Bitcoin are expected to exit the market or merge with other funds.