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Huge outflows cause Grayscale Bitcoin Trust to sink to first discount to bitcoin since 2017

Huge outflows cause Grayscale Bitcoin Trust to sink to first discount to bitcoin since 2017

The Grayscale Bitcoin Trust has fallen sharply along with the cryptocurrency itself
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The Grayscale Bitcoin Trust plunged this week, with investors pulling cash at the fastest rate in almost a year.



It closed at a 3.77% discount on Thursday, a sharp reversal after trading at a hefty premium to bitcoin.



The bitcoin price itself has plunged around 20% this week, the biggest weekly drop since March 2020.



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The Grayscale Trust has plunged almost 20% this week, marking the biggest outflow from the world's largest bitcoin fund in close to a year and causing it to trade at a discount to its underlying assets for the first time since 2017.Grayscale's closing price of $45.64 on Thursday meant the fund had fallen more than bitcoin itself over the week.The trust closed at a 3.77% discount to the value of the assets it holds on Thursday, a sharp reversal after trading at hefty premiums as the bitcoin price soared in recent months. It is the first discount since March 2017, according to Bloomberg data.Investors have pulled cash from the Grayscale Trust at a rapid rate over recent days as bitcoin has tumbled from a high of $58,000 on Sunday. The fund has a total of $32.83 billion in assets under management, according to Bloomberg.
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