GBTC discount narrows during SEC hearing, yield curve inversion deepens; 60% probability for 50bps hike

Quick Take

Result of Powell Speaking

• The US 10-year minus 02 years has reached -100 bps inversion.
• The guardant maturation outlook is simply a afloat percent constituent little than the expected argumentation rate.
• Levels of argumentation mistake not achieved since February 1980.
• Inversion points to a recession, but a larger inversion doesn’t not mean a faster oregon deeper recession.

US10Y-US02Y: (Source: Bloomberg)

Result of Grayscale vs. SEC hearing

• So far, GBTC is up astir 9% contiguous owed to the existent hearing, Grayscale vs. SEC.
• The discount to NAV is astir 40%, which assumes Grayscale’s chances of a spot ETF person increased.
• The spread was arsenic constrictive arsenic -35%.
• GBTC would person a pathway to person to NAV.
• BTC remains astir level for the time astatine $22,300

GBTC: (Source: TradingView)

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