Grayscale Bitcoin Trust is solely and passively invested in Bitcoin, enabling investors to gain exposure to BTC in the form of a security while avoiding the challenges of buying, storing, and safekeeping BTC directly.
Why look at Grayscale?
Insight on demand for indirect investment
As mentioned in the definition, Grayscale provides exposure to BTC while providing trading and security services and could be traded like any other securities. In addition, funds or trusts like Grayscale has limitation in fluent trading such as lock-up period.
Utilizing this feature, keeping track of how much BTC Grayscale's BTC fund holds provides the closest meaning in finding out the degree of needs for especially certified institutional U.S. investors.
Insight on a different degree of demand between direct & indirect investment
GBTC premium or Discount shows the difference of need between indirect & direct investment through comparing respective prices. Difference between the price in exchange and trading GBTC stocks, it is natural to assume the premium or discount with its demand.