The Grascale Bitcoin Trust which is the percentage above the spot price of Bitcoin that GBTC trades on still remain negative, despite the bullish signs for Bitcoin.
A data analysis website for cryptocurrencies, Skew opined that GBTC premium has not been positive since last year February.
Flowing from above, there are various explanations for the negative posture of GBTC and one of the suggestions that has been made thus far is that it could the GTBC could be down based on the lauching of Bitcoins ETEFs in North America.
Interestingly, the North American Bitcoin Exchange Traded Fund brought in over $400 million worth of investment in the first two days.