The discounts at which investors pay for shares of Grayscale’s bitcoin and ethereum trusts have shrunk slowly but surely, reflecting one way optimism around spot crypto ETF approval.

Shares of the Grayscale Bitcoin Trust (GBTC) were trading about 11.3% below its net asset value Thursday, nearly matching the 11% discount seen on Oct. 20, according to YCharts.com.

Oct. 20 represented the first time it was in that 11% neighborhood since November 2021, when bitcoin’s price hit an all-time high of roughly $69,000. The GBTC discount was as high as about 48% as recently as December 2022, the YCharts data shows.

GBTC is not easily available to everyone. Eligible shares are quoted on the…

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