The Grayscale Bitcoin Trust (GBTC) discount is evaporating and the new Bitcoin ETF Token ($BTCETF) has attracted $2 million from traders in the latest two indications that bets on the imminent approval of a spot Bitcoin ETF are piling up.

Meanwhile, the founder of Galaxy Digital Holdings, Michael Novogratz, believes that a spot Bitcoin ETF approval will see the Bitcoin price return to its all-time high near $69,000 printed in November 2021.

“We will see a pretty successful shift of psychology when the government says you are allowed to buy Bitcoin,” says Novogratz, who expects billions of dollars of new money currently sitting on the sidelines to flood into the market.

Bloomberg Intelligence analysts reckon there is a 90% chance of a Bitcoin ETF being approved. It is this expectation that has seen the price of Bitcoin double this year to outperform all other asset classes.

The new Bitcoin ETF Token is gaining traction as the only cryptocurrency designed specifically to reward its holders when a spot Bitcoin ETF is approved. 

Its value is tied to real-world milestone events related to Bitcoin and Bitcoin ETF products, such as their approval, launch, assets under management, and trading volumes. 

These milestone achievements act as trigger points for burns that drive up the value of the $BTCETF token, which is proving to make the new cryptocurrency one of the smartest ways to play the Bitcoin ETF investment theme.

For those who are able to access the Grayscale Bitcoin Trust over-the-counter market through their broker of choice, this provides an alternative approach for playing this market. 

At the beginning of this year the discount was -46%, but today it is just -8%. The discount measures how much less than the net asset value (the value of the Bitcoin it holds) the shares are trading for. If the trend continues or speeds up, then GBTC could start to trade at a premium again, as it has done in bull markets. 

However, the downside of the GBTC bet is that when the trust is converted to an ETF from its current closed-end structure, funds are likely to exit as profit-taking kicks in.

Also, to the extent to which it trades at a premium, this has been an add-on price that institutional investors have been willing to pay in order to secure a regulated route into the crypto asset class. The approval of a spot Bitcoin ETF will wipe out the rationale for the premium, if GBTC were ever to trade at a premium again. 

Market participants expect the spot Bitcoin ETF to be approved as soon as January 10 2024, so there is not much time for GBTC to flip to premium pricing.

With $BTCETF there are none of these issues. On the contrary, because the coin has been designed to leverage approval and other product development events, it will continue to grow as a value proposition for traders and investors.

The $BTCETF ICO began a couple of weeks ago but there are less than 48 hours to go before the next staged price rise, from $0.0060 to $0.0062. 

However, the current Stage 6 price ends when $2,498,109 is reached, which could come sooner than the allotted time remaining, increasing the FOMO in the market. There are 10 price stages in all on the road to the $5 million hard cap. As the run rate for the ICO accelerates there is no time to lose, but prospective buyers must conduct their own due diligence.

Such is the excitement in mainstream finance that every week a new issuer enters the spot Bitcoin ETF fray. Swiss asset manager Pando Asset has filed an S-1 form at the Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust.

Standard Chartered Bank analyst Geoff Kendrick has set a price target of $100,000 for Bitcoin by year-end 2024 as optimism that the next halving cycle bull run is starting to take root alongside the ETF furore.

🇨🇭 Switzerland’s @PandoAsset enters the US spot #Bitcoin #ETF race among a surge of applicants, including @BlackRock and @Fidelity, hinting at a potential shift in the #Crypto landscape. 💭#BitcoinETF also achieves a groundbreaking milestone, raising more than $2 Million! 🚀 pic.twitter.com/NyGzDQIMkf

— BTCETF_Token (@BTCETF_Token) November 30, 2023

Bitcoin ETF Token The One Crypto Designed To Reward Investors On Bitcoin ETF Approvals

Built on the Ethereum blockchain, the $BTCETF token initially includes a burn tax when the coin launches on decentralized exchanges (DEXs). The tax decreases by 1% as each milestone is achieved. 

There is also a separate burn mechanism of up to 25% of the total supply in order to boost the deflationary scarcity of the coin. 5% of the total supply is burned for every $BTCETF milestone that is passed.

These two mechanisms mean that owners of $BTCETF have the most tightly aligned rewards of any cryptocurrency for the spot Bitcoin ETF growth theme.

Bitcoin ETF Token ($BTCETF) burns and transaction tax reductions are tied to real-world Bitcoin ETF developments. Source: Bitcoin ETF Token

Buy And Stake $BTCETF Today To Earn 120% APY 

$BTCETF tokens can be bought in presale today and staked to earn an annual percentage yield (APY) of 120% at the time of writing. 

There have been 212 million $BTCETF tokens deposited into the staking smart contract to date, in a testament to the popularity of this passive income route. Staking rewards are distributed in $BTCETF over a five-year period. Each ETH block produced generates a reward of 119 $BTCETF.

YouTube Crypto Expert Says $BTCETF “Honestly Looks Appealing”

There’s a bandwagon rolling for Bitcoin ETF Token as evidenced by the number of top influencers that are getting behind the coin. 

Sampling just some of the media coverage, there’s influential crypto YouTuber Matthew Perry who has told his 200,000+ subscribers that he likes the concept behind the $BTCETF token – “This honestly looks appealing,” he says. 

Other YouTube crypto experts who like what they see include Michael Wrubel with 310,000 subscribers. He is super bullish on $BTCETF, as he explains in his day-old video which has already amassed 21,000 views.

Austin Hilton is also blown away by the coin’s concept and tells his 235k subscribers that he thinks it has a unique use case because it is “like nothing you have ever seen.”

Yet another crypto analyst on YouTube tells his viewers to get ready to ride an explosive wave by investing in $BTCETF.

Buy $BTCETF For Direct Exposure To Landmark Moment In Bitcoin Market

It cannot be underestimated just how seismic a spot Bitcoin ETF approval will be for the crypto industry and its markets. For the first time, ordinary retail investors, as well as professional traders and institutions, will be able to gain regulated and cheap access to Bitcoin. 

In addition, asset managers and financial advisors will soon be able to allocate client funds to Bitcoin without having to enter the futures markets or worry about custody and regulations. 

If the advent of a spot Bitcoin ETF is anything like as impactful as the launch of the first gold exchange-traded fund in 2003, then hundreds of billions of dollars could flow into the market in the coming years. In the inception year for spot Bitcoin ETFs, Galaxy Digital is expecting inflows of $14 billion. 

Thanks to $BTCETF, market participants don’t need to wait for the launch day of the first spot Bitcoin ETF in the US to get exposure to this inflection point in the crypto market. Instead, investors can buy Bitcoin ETF Token today to align their portfolio with the historic Bitcoin bull run to come.  

To purchase $BTCETF, connect a crypto wallet funded with ETH or USDT or use a bank card to make your contribution.   

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• Source: https://insidebitcoins.com/news/grayscale-bitcoin-trust-discount-shrinking-and-investors-back-new-bitcoin-etf-token-with-2m-as-sellout-nears-and-sec-approval-bets-mount