Bitcoin fund NAV discount hits 2-year low of -5.9%, says CryptoQuant

According to CryptoQuant analyst Maartunn, the average discount to net asset value (NAV) for Bitcoin funds has dropped to -5.9%, its lowest level in two years. This means the funds are trading at a price 5.9% below the value of their underlying Bitcoin holdings, a trend reportedly observed across major products like BlackRock's IBIT and Grayscale's GBTC. CryptoQuant attributed the widening discount to recent weakness in Bitcoin's price and deteriorating investor sentiment. The analyst added that while a narrowing discount could offer investors additional returns beyond Bitcoin's price appreciation, there is also a risk that the discount could widen further.