The Grayscale Bitcoin Trust (GBTC) is closing in on price parity with Bitcoin (BTC), with GBTC shares trading at just 17% below the BTC price. This marks a significant improvement for GBTC, which has been facing challenges in its bid to become a spot exchange-traded fund (ETF). The U.S. Securities and Exchange Commission has yet to approve a spot ETF application, but Grayscale recently won a legal battle with the SEC, providing a boost to GBTC’s price performance. Despite this positive development for GBTC, BTC price continues to face downward pressure, with September historically being a weak month for BTC/USD. However, some analysts believe that October could bring a bullish trend for Bitcoin.