Grayscale Bitcoin Trust slides with bitcoin to levels not seen since early-August

Sep. 21, 2021 12:08 PM ETGrayscale Bitcoin Trust (BTC) (GBTC)MSTR, RIOT, MARA, ETHE, OBTCBy: Max Gottlich, SA News Editor16 Comments

Bitcoin metallic circuit logo extreme close-up
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  • Grayscale Bitcoin Trust (OTC:GBTC) drops 1.7% on Tuesday as the world's largest cryptocurrency, bitcoin ((BTC-USD -1.5%)), posts similar losses intraday.
  • The downside move in crypto was triggered at the end of last week from the Evergrande crisis that startled global financial markets.
  • In the past month, GBTC slumps 12.7%, but is still up 195% on a Y/Y basis.
  • Still, Vailshire Capital Management Founder and CEO Jeff Ross said he purchased more Bitcoin (BTC-USD) and GBTC on Monday morning.
  • "Buying when others are panic-selling NEARLY ALWAYS works out extremely well in the long-term," Ross said in a tweet.
  • Osprey Bitcoin Trust ((OTCPK:OBTC -3.1%)) also follows bitcoin (BTC-USD); but some other stocks that often act as proxies for bitcoin experience a milder decline — MicroStrategy ((MSTR -0.1%)), Riot Blockchain (RIOT -0.4%), and Marathon Digital (MARA -0.5%).
  • In addition, Grayscale Ethereum Trust ((OTCQX:ETHE -1.2%)) follows Ethereum ((ETH-USD -1.8%)), the second-largest crypto by market cap, down.
  • On Monday, Marathon Digital, Riot, Grayscale, among Bitcoin proxies drop amid Evergrande crisis.

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