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The discount on Grayscale’s Bitcoin Trust known as GBTC continued to shrink as of Nov. 27, likely due to mounting anticipation for a regulatory nod toward spot Bitcoin ETFs. 
GBTC’s discount to net asset value (NAV) gradually fell to 8%, seemingly fueled by industry hype surrounding a raft of spot Bitcoin ETF filings from issuers like BlackRock and conviction from crypto proponents that the Securities and Exchange Commission (SEC) would soon approve such crypto-based financial products for the first time. 
Discount to NAV is regarded as an important metric for determining the difference between a fund’s trading price and the value of its underlying asset, in this case, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) which traded around $36,800 at press time, per CoinMarketCap. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="635" src="https://crypto.news/app/uploads/2023/11/Grayscale-GBTC-discount-1024x635.png" alt="Bitcoin ETF desire narrows Grayscale GBTC discount to 8% - 14" class="wp-image-14220757">
 <figcaption class="wp-element-caption">
 Grayscale GBTC discount to NAV | Source: <a href="https://ycharts.com/companies/GBTC/discount_or_premium_to_nav" target="_blank" rel="noreferrer noopener">Ycharts</a>
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/sec-commissioner-on-spot-bitcoin-etfs-no-reason-to-block/"> SEC Commissioner on spot Bitcoin ETFs: “No reason to block” </a> 
The descent to these levels formed a new two-year low not seen since late 2021 when BTC and the broader crypto market raced to all-time highs at the time. Previously, the discount on Grayscale’s BTC fund had <a href="https://crypto.news/grayscale-gbtc-discount-hits-2-year-low-as-market-eyes-btc-etf-approval/">dropped</a> to 15.8% by mid-October 2023. 
Eric Balchunas, a Bloomberg ETF expert, said GBTC’s shrinking discount signals an accumulating narrative in favor of the SEC’s acceptance of a spot Bitcoin ETF.&nbsp; 
<blockquote class="wp-block-quote"> 
 $GBTC discount down to 8% in what is quickly becoming a Top 5 ETF chart of the year, not only is it visually stunning but it is a graphical representation of the slow-growing level of optimism over the past six months that a spot ETF will finally be approved. <cite>Eric Balchunas via <a href="https://twitter.com/EricBalchunas/status/1729147584969953397" target="_blank" rel="noopener">X</a></cite>
</blockquote> 
Although word from the SEC only disclosed a review of applications, issuers like <a href="https://crypto.news/grayscale-updates-spot-bitcoin-etf-application-after-meeting-with-sec/">Grayscale</a>, <a href="https://crypto.news/ark-invest-discloses-80-bps-fee-in-spot-bitcoin-etf-filing/">ARK Invest</a>, and WisdomTree to name a few, have filed amendments to their initial bids for a spot Bitcoin ETF.&nbsp; 
Crypto proponents and ETF experts alike opined that the updated filings indicate constructive talks with the securities watchdog toward greenlighting products that could <a href="https://crypto.news/galaxy-digital-predicts-74-surge-in-btc-price-after-spot-etf-launch/">inject</a> billions into Bitcoin. 
 Read more: <a href="https://crypto.news/bloomberg-analysts-estimate-spot-bitcoin-etf-market-to-hit-100b/"> Bloomberg analysts estimate spot Bitcoin ETF market to hit $100b </a>

Bitcoin ETF desire narrows Grayscale GBTC discount to 8%

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