GBTC had been trading at a discount since February after its premium went into a downtrend in December. The discount has now relaxed to 3.86% from a low of 21% on May 13th.
In short, this bullish reversal of the premium/discount may signify that people are finally willing to buy GBTC at a fair price again.
In general, when sentiment is bearish, the GBTC premium falls, and when sentiment is bullish, the premium rises. However, this historic trend stopped being true in early 2021. Crypto sentiment was bullish, but the premium kept dropping and became a discount.
It remains to be seen if GBTC will begin to trade at a fair value again or even get its premium back, but certainly, GBTC holders have a lot to be happy about here. Not only is GBTC close to fairly priced now, but GBTC holders also avoided the worst of the crypto crash.
While buying GBTC at a discount the past month or so was not a profitable move, it was in retrospect a good way to accumulate Bitcoin without seeing the massive drop spot and leverage traders did on the exchanges.