GBTC Premium Hits -34% All-Time Low - #bitcoin #cryptos #web3

Grayscale Bitcoin Trust (GBTC) Is Historically Bitcoin Front Runner:

GBTC currently -79.39% from ATH, a price equivalent to Bitcoin @ $14,094.20 - A possible near target for Bitcoin.

Historically, Bitcoin average bear market correction is -85% from all time high.

If this scenario is to play out according to historical data, Bitcoin should bottom @ $10,343.44 (-85% from All Time High).

Liquidation Crises Contagion Effect:
1. Celsius Collaterised loan of 23,962 wBTC | 231.4M | 219.44% | Liquidation price $14,004.

2. Three Arrows Capital (3AC) 223k ETH | 264M position with 198M in borrowings against it, @ a 85% liquidation threshold, a -11% move in ETH to $1,042 liquidates it.

3. The largest Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), is now trading at its biggest ever discount to the spot market.
GBTC premium hits -34% all-time low, largest discount ever on spot market.
Data from on-chain analytics resource shows GBTC shares down -34% versus Bitcoin (BTC)/USD on major exchanges as of June 17.

These liquidation crises if occur will have a contagion effect on Bitcoin & the entire Crypto market.

Macroeconomics (Fundamentals) Bearish Factors:
-Fed Hawkish Interest Rate Hikes.

-Fed Quantitative Tightening.

-Growing Inflation.

-Russia-Ukraine war.

Noteworthy:
Do not forget the historical wise saying, "Never invest more than you can afford to lose."

Not a financial advise, I suggest using this only as a guide - Do your own research.

If you have any questions, kindly write in comments below - I will answer them.

What do you think about this possibility?
Let us know what you think about this subject in the comments section below.

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