Grayscale Bitcoin ETC traded at 50% discount to NAV in 2022
Ethereum Classic (ETC)
Editor:
Eugene Serbin
tradersunion.com reports that Richard Byworth, former CEO at Diginex / Eqonex, identified his best trade in 2022 as purchasing Grayscale Bitcoin ETC at a 50 percent discount to net asset value. This purchase effectively equated to buying bitcoin at $8,000 to $8,500. Byworth observed that it was increasingly likely either the U.S. Securities and Exchange Commission would approve ETFs or that a redemption at par could eventually take place. He recently attracted attention for predicting a new crypto all-time high this year.
How the market reacted
Whalio's own Binance spot order flow for ETC, measured when this story was written up on 26 September 2026. Not the outlet's figures.
Whalio spot data for ETC shows a price of $9.50 with a 24-hour buy ratio of 54.3%, indicating that more than half of the volume over the last day came from buyers. This sustained buying interest contrasts with the 1-hour reading of 31.3%, where sell pressure dominated the immediate short term. The 4-hour buy ratio sits at 52.0%, suggesting that buying pressure is building over the medium term after the recent dip. Volume Delta reflects this shift, moving from a -$95,171 net outflow in the last hour to a +$56,051 net inflow over four hours. A positive Volume Delta means that market orders buying the asset exceeded those selling it, while the CVD (Cumulative Volume Delta) for the 24-hour close is +$388,232, confirming net buying over the full day.
The latest daily buy ratio of 47.1% sits at the 28th percentile of the last 322 days, against a median of 49.0% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETC, averaged over the days leading up to the story.
Over the preceding week, ETC experienced a price change of +16.6% with a total Volume Delta of +$1,850,200. The 7-day average buy ratio was 50.0%, meaning the market was evenly split between buyers and sellers on average. Today's 24-hour buy ratio of 54.3% is +4.2 points higher than that weekly average, indicating a shift toward more aggressive buying. Volume was 0.88x the average, suggesting slightly lower participation than usual despite the higher buy ratio. This represents an unusual day for the coin, characterized by a higher proportion of buyers despite lower overall volume compared to the weekly norm.