Crypto prices stabilizes, diverging from rising interest rates👐
Interestingly, despite DCG still mired in a myriad of litigation battles with various counterparties, Greyscale Trust's long-standing discount to NAV has sharply corrected over the past month thanks to all the various spot ETF filing applications, with the discount now at levels that's the narrowest going back to just after the 3AC/Celsius and pre-FTX days. On the other hand, on the BTC = digital gold argument, known gold ETF holdings have been declining steadily since 2020 on the back of higher rates, and this trend is very likely to continue as long as the CBs stay hawkish. Something to keep in mind for the longer trend in crypto prices against the background of a still rising interest rate environment.
