GBTC Premium to CoinbaseThe BTC ETF premium indicator for TradingView is a specialized tool designed to measure and visualize the premium or discount of the Grayscale Bitcoin Trust (GBTC), an investment vehicle that holds Bitcoin, relative to the actual price of Bitcoin on the Coinbase exchange. This indicator can be particularly insightful for traders interested in the BTC securities market and those analyzing the demand for Bitcoin as reflected by institutional investment products.
#### Description:
The BTC ETF premium indicator in TradingView leverages an advanced Pine Script algorithm to calculate the premium (or discount) percentage of GBTC compared to the spot price of Bitcoin (BTC/USD) on Coinbase. The premium is a critical insight that reflects market sentiment and potentially arbitrage opportunities between the trust's share price and the underlying cryptocurrency asset.
Here's how the indicator works:
1. **Calculation Methodology:**
- **Implied Bitcoin Price of GBTC:** We determine the implied price of Bitcoin within GBTC by dividing the GBTC closing price by the known ratio of Bitcoin per share.
- **GBTC Premium to Coinbase:** The percentage premium is then calculated as:
$$\text{GBTC Premium} = \frac{(\text{Implied Bitcoin Price of GBTC} - \text{Actual Bitcoin Price on Coinbase})}{\text{Actual Bitcoin Price on Coinbase}} \times 100$$
- This calculation is performed using the closing prices on a per-minute basis to ensure timely and accurate analysis.
2. **Visualization:** The indicator plots the premium as a step line chart, making it easy to visualize changes over time. A dynamic label accompanies the plot, displaying the implied Bitcoin price, the actual percentage premium or discount, and whether the premium is trending up or down compared to the previous day's value.
3. **Usage Scenario:** Traders can use this indicator to monitor the live premium 24/7 and analyze how it behaves during different market conditions, including when the equity market, where GBTC is traded, is closed.
#### Additional Features:
- **Color-Coding:** The premium is color-coded in green when positive (premium) and in red when negative (discount), aiding quick visual assessment.
- **Zero-Line Reference:** A horizontal line is drawn at zero to easily identify when GBTC is trading at par with the spot price of Bitcoin.
- **Real-Time Label Updates:** The label updates in real time with the latest premium/discount information and includes an arrow to signify the trend direction.
#### Access and Usage:
The indicator can be favorited or added to your TradingView charts. You are also welcome to use the source code as a foundation for further customization to suit your trading strategies.
#### Notes:
Please consider that the GBTC has specific trading hours, and the indicator can show live changes even when its market is closed, which might lead to discrepancies from official static data. For best performance, use this indicator alongside the GBTC candlestick chart on TradingView.
GBTC
BTC ETF VolumesVolume
This script plots the trading volume of all BTC spot ETFs as well as the aggregate volume. Works on any chart and any timeframe.
Indicators
The volume of every ETF is plotted in a different color, with the total column adding up to the aggregate volume.
If you have price and indicator labels enabled you will also see individual ETF volume on your price scale on the right hand side.
If more BTC ETFs get launched I will add them.
Bitcoin ETF Tracker (BET)Get all the information you need about all the different Bitcoin ETFs.
With the Bitcoin ETF Tracker, you can observe all possible Bitcoin ETF data:
The ETF name.
The ticker.
The price.
The volume.
The share of total ETF volume.
The ETF fees.
The exchange and custodian.
At the bottom of the table, you'll find the day's total volume.
In addition, you can see the volume for the different Exchanges, as well as for the different Custodians.
If you don't want to display these lines to save space, you can uncheck "Show Additional Data" in the indicator settings.
The Idea
The goal is to provide the community with a tool for tracking all Bitcoin ETF data in a synthesized way, directly in your TradingView chart.
How to Use
Simply read the information in the table. You can hover above the Fees and Exchanges cells for more details.
The table takes space on the chart, you can remove the extra lines by unchecking "Show Additional Data" in the indicator settings or reduce text size by changing the "Table Text Size" parameter.
Upcoming Features
As soon as we have a little more history, we'll add variation rates as well as plots to observe the breakdown between the various Exchanges and Custodians.
The Real GBTC Premium (Capriole Investments)The real Grayscale Bitcoin (GBTC) premium / discount.
Charts the premium / discount of GBTC trust versus the Bitcoin spot price.
The GBTC premium / discount is frequently calculated incorrectly as it needs to consider the amount of Bitcoin behind each share of GBTC, which changes over time.
This indicator allows for an estimate of that change through time, a more realistic representation of 1 BTC to 1 BTC within GBTC.
If the chart is red, at a discount = can buy a synthetic Bitcoin (GBTC) at a discount to the underlying asset Bitcoin.
If the chart is green, at a premium = can buy a synthetic Bitcoin (GBTC) at a premium to the underlying asset Bitcoin.
The user should also consider that to-date, GBTC charges an annual fee which depletes the value within the GBTC trust. Grayscale wants to convert GBTC to an ETF, but its applications have so far been rejected by the SEC.
If GBTC is converted to an ETF in the future, we might expect that any GBTC discount shown here will be neutralized; potentially offering an additional return to any holder of GBTC, though this cannot be known for sure until such a conversion occurs.
GBTC PremiumThis script simply shows the premium (when positive) and discount (when negative) associated with GBTC as compared with its estimated NAV based on BTC underlying holdings. This will of course need to be updated frequently for accuracy, but it serves as a rough estimate for educational purposes.
Bitcoin Funds OverlayOverlay the Net Asset Value per Unit (NAVPU) of 4 different Bitcoin Funds on your Bitcoin chart.
BTCC ETF
QBTC Fund
GBTC Trust
VBTC ETN
This indicator uses the metrics from the fund management websites to calculate the "Net Asset Value per Unit (NAVPU)" to display the true underlying value of the fund.
Note that the metrics can change and therefore the graph is not accurate for long past timeframes.
You can update the metrics for each fund in the settings dialogue.
The script will autodetect the currency pairs of your current graph and only display compatible funds:
BTC / USD will show BTCC.U, QBTC.U and GBTC
BTC / CAD will show BTCC and QBTC
BTC / EUR will show VBTC
The script should not show in other currency pairs so it will not mess up other charts you might switch to.
If you find bugs with this logic, please comment below so I can fix them.
Due to TradingViews "no-links in description" policy, you need to google each funds website yourself to find the current metrics. These search terms should help:
BTCC search "Purpose Bitcoin ETF"
QBTC search "3iq The Bitcoin Fund (QBTC)"
GBTC search "Grayscale® Bitcoin Trust"
VBTC search "VanEck Vectors Bitcoin ETN"
GBTC holdings USD market valueThis script estimates GBTC bitcoins per share, rather than hardcoding as in other scripts. Its result is an estimate of GBTC holdings USD market value.
Per share bitcoin estimates are adjusted by 2.0% / 365 per day from 2019 year end holdings. Calendar year 2019 ending bitcoins and shares were 261,192 bitcoins and 269,445,300 shares. From the 2019 Form 10-K: 'The Trust’s only ordinary recurring expense is the Sponsor’s Fee. The Sponsor’s Fee accrues daily in U.S. dollars at an annual rate of 2.0% of the Bitcoin Holdings.. The Sponsor’s Fee is payable in Bitcoins to the Sponsor monthly in arrears.'
No attempt is made to account for leap years.
Per share bitcoin estimate is converted to USD market value by multiplying by the simple average BTCUSD price at Coinbase and Bitstamp. Grayscale uses the TradeBlock XBX index, a volume weighted average of Coinbase Pro, Kraken, LMAX Digital and Bitstamp prices.
Spot checks vs archive.org captures of daily bitcoins per share and the chart on Grayscale's site:
The estimate for market close January 22 2021 is 0.00094899 bitcoins per share, the published datum on Grayscale's web site was 0.00094898. The estimate matches at 20:30 rather than at 16:00.
The estimate for December 31 2018 is 0.000988965 vs a published 0.00098895.
The estimate for December 29 2017 market value is $14.58 vs $14.65.
The estimate for December 30 2016 market value is $0.99 vs $0.98.
The estimate for January 4 2016 market value is $0.46 vs $0.45.
No estimates before 2016.
The default style is to draw a blue line with two thirds transparency outside market hours and for first/last minutes of trading, switching to daily or greater periodicity hides this.
No warranty is expressed or implied , I am not a lawyer, etc etc etc.
This is not investing advice . Always do your own due diligence .
Bitcoin Comparison to GBTC!This script tells you if GBTC is overvalued or undervalued compared to Bitcoin.
GBTC Fomo Panic PremiumIt is rumored that GBTC price action leads the Bitcoin market. This indicator compares GBTC fomo/panic levels to the (Binance) BTC spot market. Fomo is measured as large percentage moves of the high price from the min over a look-back period. Panic is measured as large percentage moves of the low price from the max over a look-back period. A prime example of this indicator's usage would be as a sell signal confirmation during the 2020 pre-Thanksgiving panic exhibited on the 1-hour chart while the 20 EMA was still above the 99 SMA.
You can customize the leading and lagging markets and the length of the lookback period. I would love to hear what parameters, markets and timeframes work for you. Maybe there is a way to leave comments, or hit me up on Twitter: @thirdreplicator
May you profit and enjoy.
GBTC & BTCE Premium Indicator- This indicator illustrates the premium of GBTC and the European equivalent, BTCE. Relative to the spot price of Bitcoin
- It represents the premium investors are willing to pay to be able to gain exposure to Bitcoin . Whilst holding them in an investment vehicle such as a 401k or an ISA.
- The premiums can be plotted. GBTC vs BTCUSD and BTCE vs BTCEUR
OR
- The "real price" of BTCUSD , GBTC and BTCE (denominated in USD) can be plotted against each other
GBTC % PremiumCalculates the % Premium on GBTC vs. Bitstamp Spot adjusted for GBTC/share @ 0.0009678
GBTC and GapThe GBTC rate can be converted appropriately and displayed, and the previous window can be displayed.
When the BTCUSD is bullish, the GBTC rate is likely to be a leading indicator, and the amount of inflow of funds from outside may be used to judge the trend.
You may also be able to analyze hidden support at the window position.
GBTCレートを適当に変換して表示し、さらに直前の窓を表示できます。
BTCUSDは強気相場の時、GBTCレートが先行指標になる可能性が高く外部からの資金流入の量をトレンドの判断に使うことができる可能性があります。
また、窓の位置で隠されたサポレジを分析できるかもしれません。
Wasabi Tool: GBTC Premium IndicatorWasabi Tool: GBTC Premium Indicator
I'd like to introduce my new indicator, which is called 'Wasabi Tool: GBTC Premium Indicator' .
This indicator is to show the premium of the well-known Grayscale's Bitcoin Trust, GBTC in percent(%) .
It's been widely known that people can invest in Bitcoin via GBTC in their regular brokerage accounts and even in their Brokerage-linked 401k accounts. Yes, for those of people with their pension accounts, they have been able to invest in Bitcoin indirectly (eg. Fidelity's Brokerage-linked 401k) and to take advantage of the volatile price actions.
With the volatile nature of Bitcoin, the GBTC normally follows the exact price action, up or down, of Bitcoin. However, some exuberant interest in the investors and the limited supply of GBTC make GBC's price go much higher than its NAV(Net Asset Value) price per share, which is the amount of bitcoin per share of 0.00098247 BTC, also found at the Grayscale website, at the time of writing.
Until Bitcoin ETF becomes a reality, GBTC is a practical and viable option for 401k investors to invest in Bitcoin as of now.
You may find it useful to compare this indicator along with the Bitcoin trends found in Internet. The difference is that this indicator is to show the ACTUAL exuberance and eagerness by those of people who have restrictions in investing directly in Bitcoin for whatever reasons.
I hope you like the indicator.
Please subscribe and Like it.
Thanks,
Wasabi
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안녕하세요. 와사비 입니다.
오늘 새로 만든 지표는 'Wasabi Tool: GBTC Premium Indicator' 입니다.
이 지표는 그 레이스케일 투자 회사의 트러스트 상품인 GBTC 가 실제 가치(NAV)대비 얼마나 프리미엄이 붙어 있는지를 표시하는 지표 입니다.
널리 알려졌다시피, 미국에서는 일반인들도 일반 증권회사나 심지어 401K라는 연금계정에서도 GBTC 트러스트 상품 투자를 통해 비트코인에 간접적으로 투자를 할 수 있습니다.
비트코인의 심한 가격변동과 마찬가지로, GBTC도 비트코인의 가격을 쫓아갑니다. 하지만, 투자자들의 열광적인 투자관심과 GBTC의 부족한 공급물량으로 인해 GBTC의 가격이 NAV (글 쓰는 현재 기준 1 GBTC = 0.00098247 BTC )로 표현되는 실제 가치보다 훨씬 많은 프리미엄(때론, 100%이상)을 내고 거래되어 오고 있는 실정입니다.
향후 Bitcoin ETF가 현실이 될 때까지는, GBTC상품이 401K 연금 투자자들에게는 현재 비트코인에 투자할 수 있는 현실적인 옵션입니다.
이 지표를 잘 보시면, 지난 2017년도에도 여러번 실제 가치보다 100% 이상 넘는 가격 프리미엄을 보인 것을 알 수 있습니다.
구글 트렌드가 사람들이 인터넷에 비트코인을 언급하는 구매와 직접 관련없는 관심레벨을 이야기 한다고 하면,
이 프리미엄 지표를 통하면 비트코인에 직접 투자하지 못하는 일반 주식 투자자나 연금 투자자들이 얼마나 높은 프리미엄을 내면서까지 투자하는지에 대한 실제 '광풍정도'를 가늠해 볼 수 있습니다.
도움이 되셨다면 구독+좋아요 부탁드립니다.
와사비 드림.
GBTC/BTC(average) premium percentageaverage bitcoin price used (average between bitfinex, coinbase, bitstamp, bittrex, and gemini).
find current amount of bitcoin per share here: grayscale.co
GBTC/BTC(average) premium percentageI updated the GBTC premium percentage indicator to the average bitcoin price (average between bitfinex, coinbase, bitstamp, bittrex, and gemini). I also left this new script open so you can update the amount of bitcoin per share because it is always changing. you can find the amount of bitcoin per share at grayscale.co half way down on the left.
GBTC Premium to NAV IndicatorWhen bitcoin is in an uptrend, a very profitable strategy is to buy GBTC when premium to NAV is low, and sell when it reaches extremes. This can be far more profitable than buying bitcoin itself.
