Purpose Bitcoin ETF hits record holdings in 2023 as Grayscale trust narrows discount 
Quick Take
The Purpose Bitcoin ETF has carved out an impressive track record over the past few months. The ETF currently holds 34,263 BTC, setting new highs in 2023. To underscore the significance of this upward trend, it is worth noting that out of the previous 47 trading days, a striking 40 have documented inflows, indicating a sustained positive momentum.
Additionally, the Grayscale Bitcoin Trust (GBTC) displays a similar narrative. As of Nov. 24, GBTC is up 280% year-to-date, while it currently trades at approximately an -8.42% discount to its net asset value (NAV). This figure represents the smallest discount to NAV observed this year. It harks back to a similar low in mid-2021 when the premium flipped to a discount. Interestingly, just a year ago, in November 2022, the discount to NAV was significant, at -50%.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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