GBTC has been trading at a discount to its NAV for over a week now, but that may be short lived...

The Grayscale Bitcoin Investment Trust is currently trading at a discount to its net asset value.

This has been going over for the past week or so, but is the first time it has happened since the GBTC fund launched back in 2013.

It's no coincidence that it went negative at the same time that Canada launched 2 bitcoin ETFs and at a time when tech stocks were seeing huge selling pressure.

My guess is that tech investors were also holding bitcoin, or shares of GBTC, and were forced to sell em when they were selling everything else.

Here's the current discount:

(Source: https://ycharts.com/companies/GBTC/discount_or_premium_to_nav)

Now that the tech selling is likely over, I think GBTC will inch back up towards par.

I actually don't expect bitcoin to trade at much of a premium any longer due to the Canadian ETFs launching, but I also don't think GBTC will trade at a discount during more normal market conditions either.

It may take a couple weeks, but I think that discount will disappear eventually.

Stay informed my friends.

-Doc