GET https://rct.dev.bbntimes.com/financial/blowing-away-the-bitcoin-bubble-premium

Response
200 OK
IP
18.225.57.173
Profiled on
Token
35a2c5

ArticleController :: show

Request

GET Parameters

None

POST Parameters

None

Uploaded Files

None

Request Attributes

Key Value
_controller 
"App\Controller\ArticleController::show"
_firewall_context 
"security.firewall.map.context.main"
_links 
Symfony\Component\WebLink\GenericLinkProvider {#3619
  -links: [
    3740 => Symfony\Component\WebLink\Link {#3740
      -href: "/build/runtime.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3738 => Symfony\Component\WebLink\Link {#3738
      -href: "/build/644.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3737 => Symfony\Component\WebLink\Link {#3737
      -href: "/build/502.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3736 => Symfony\Component\WebLink\Link {#3736
      -href: "/build/app.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3735 => Symfony\Component\WebLink\Link {#3735
      -href: "/build/view-more.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3734 => Symfony\Component\WebLink\Link {#3734
      -href: "/build/term-condition.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3733 => Symfony\Component\WebLink\Link {#3733
      -href: "/build/contact.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3732 => Symfony\Component\WebLink\Link {#3732
      -href: "/build/scroll-infinite-article.js"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "script"
      ]
    }
    3731 => Symfony\Component\WebLink\Link {#3731
      -href: "/build/app.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
    3730 => Symfony\Component\WebLink\Link {#3730
      -href: "/build/cookie-style.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
    3729 => Symfony\Component\WebLink\Link {#3729
      -href: "/build/term-condition-css.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
    3728 => Symfony\Component\WebLink\Link {#3728
      -href: "/build/contact-css.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
    3727 => Symfony\Component\WebLink\Link {#3727
      -href: "/build/comment-css.css"
      -rel: [
        "preload" => "preload"
      ]
      -attributes: [
        "as" => "style"
      ]
    }
  ]
}
_route 
"article_show"
_route_params 
[
  "category" => "financial"
  "slug" => "blowing-away-the-bitcoin-bubble-premium"
]
_security_firewall_run 
"_security_main"
_stopwatch_token 
"126461"
category 
"financial"
slug 
"blowing-away-the-bitcoin-bubble-premium"

Request Headers

Header Value
accept 
"*/*"
accept-encoding 
"gzip, br, zstd, deflate"
connection 
"close"
cookie 
"PHPSESSID=k69len8gjbkdcrqa80j9u66978"
host 
"rct.dev.bbntimes.com"
user-agent 
"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)"
x-php-ob-level 
"1"

Request Content

Request content not available (it was retrieved as a resource).

Response

Response Headers

Header Value
cache-control 
"no-cache, private"
content-type 
"text/html; charset=UTF-8"
date 
"Sat, 22 Feb 2025 09:02:08 GMT"
link 
"</build/runtime.js>; rel="preload"; as="script",</build/644.js>; rel="preload"; as="script",</build/502.js>; rel="preload"; as="script",</build/app.js>; rel="preload"; as="script",</build/view-more.js>; rel="preload"; as="script",</build/term-condition.js>; rel="preload"; as="script",</build/contact.js>; rel="preload"; as="script",</build/scroll-infinite-article.js>; rel="preload"; as="script",</build/app.css>; rel="preload"; as="style",</build/cookie-style.css>; rel="preload"; as="style",</build/term-condition-css.css>; rel="preload"; as="style",</build/contact-css.css>; rel="preload"; as="style",</build/comment-css.css>; rel="preload"; as="style""
x-debug-token 
"35a2c5"

Cookies

Request Cookies

Key Value
PHPSESSID 
"k69len8gjbkdcrqa80j9u66978"

Response Cookies

No response cookies

Session 6

Session Metadata

Key Value
Created 
"Sat, 22 Feb 25 09:01:57 +0000"
Last used 
"Sat, 22 Feb 25 09:02:06 +0000"
Lifetime 
0

Session Attributes

Attribute Value
_csrf/https-comment 
"tY1ek-TBNmf5FMqY2gl7pcAGa2UQtbHhSNUTw8c5Bnk"
_csrf/https-cookie_accept 
"rjQhV-OCumb61CjvLlusclHlru1WLnWqp6MFXQaj-zU"

Session Usage

6 Usages
Stateless check enabled
Usage
Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:76
Show trace 
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    "function" => "require_once"
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:79
Show trace 
[
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/security-csrf/TokenStorage/SessionTokenStorage.php"
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:52
Show trace 
[
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/security-csrf/TokenStorage/SessionTokenStorage.php"
    "line" => 52
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:56
Show trace 
[
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    "class" => "App\Controller\ArticleController"
    "type" => "->"
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    "line" => 76
    "function" => "handleRaw"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/Kernel.php"
    "line" => 197
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/runtime/Runner/Symfony/HttpKernelRunner.php"
    "line" => 35
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\Kernel"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    "line" => 29
    "function" => "run"
    "class" => "Symfony\Component\Runtime\Runner\Symfony\HttpKernelRunner"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
    "line" => 5
    "args" => [
      "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    ]
    "function" => "require_once"
  ]
]
Symfony\Component\Security\Core\Authentication\Token\Storage\UsageTrackingTokenStorage:41
Show trace 
[
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/security-core/Authentication/Token/Storage/UsageTrackingTokenStorage.php"
    "line" => 41
    "function" => "getMetadataBag"
    "class" => "Symfony\Component\HttpFoundation\Session\Session"
    "type" => "->"
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    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/twig-bridge/AppVariable.php"
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    "function" => "twig_get_attribute"
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  [
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    "function" => "render"
    "class" => "Twig\Template"
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    "line" => 280
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    "class" => "Twig\TemplateWrapper"
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    "function" => "render"
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    "line" => 453
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    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
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    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
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    "function" => "render"
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    "function" => "renderHeader"
    "class" => "App\Controller\AppController"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpCache/SubRequestHandler.php"
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    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
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  [
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    "function" => "render"
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  [
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  [
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    "function" => "display"
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    "function" => "displayWithErrorHandling"
    "class" => "Twig\Template"
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  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/twig/twig/src/Template.php"
    "line" => 379
    "function" => "display"
    "class" => "Twig\Template"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/twig/twig/src/TemplateWrapper.php"
    "line" => 38
    "function" => "render"
    "class" => "Twig\Template"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/twig/twig/src/Environment.php"
    "line" => 280
    "function" => "render"
    "class" => "Twig\TemplateWrapper"
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  [
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    "line" => 448
    "function" => "render"
    "class" => "Twig\Environment"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/framework-bundle/Controller/AbstractController.php"
    "line" => 453
    "function" => "doRenderView"
    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/framework-bundle/Controller/AbstractController.php"
    "line" => 253
    "function" => "doRender"
    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/src/Controller/ArticleController.php"
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    "function" => "render"
    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 181
    "function" => "show"
    "class" => "App\Controller\ArticleController"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 76
    "function" => "handleRaw"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/Kernel.php"
    "line" => 197
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/runtime/Runner/Symfony/HttpKernelRunner.php"
    "line" => 35
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\Kernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    "line" => 29
    "function" => "run"
    "class" => "Symfony\Component\Runtime\Runner\Symfony\HttpKernelRunner"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
    "line" => 5
    "args" => [
      "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    ]
    "function" => "require_once"
  ]
]
Symfony\Component\Security\Http\Firewall\ContextListener:171
Show trace 
[
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/security-http/Firewall/ContextListener.php"
    "line" => 171
    "function" => "remove"
    "class" => "Symfony\Component\HttpFoundation\Session\Session"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/Debug/WrappedListener.php"
    "line" => 116
    "function" => "onKernelResponse"
    "class" => "Symfony\Component\Security\Http\Firewall\ContextListener"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/EventDispatcher.php"
    "line" => 220
    "function" => "__invoke"
    "class" => "Symfony\Component\EventDispatcher\Debug\WrappedListener"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/EventDispatcher.php"
    "line" => 56
    "function" => "callListeners"
    "class" => "Symfony\Component\EventDispatcher\EventDispatcher"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/Debug/TraceableEventDispatcher.php"
    "line" => 139
    "function" => "dispatch"
    "class" => "Symfony\Component\EventDispatcher\EventDispatcher"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 214
    "function" => "dispatch"
    "class" => "Symfony\Component\EventDispatcher\Debug\TraceableEventDispatcher"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 202
    "function" => "filterResponse"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 76
    "function" => "handleRaw"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
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    "function" => "handle"
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    "function" => "handle"
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    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
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    "function" => "run"
    "class" => "Symfony\Component\Runtime\Runner\Symfony\HttpKernelRunner"
    "type" => "->"
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      "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
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    "function" => "require_once"
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]

Flashes

Flashes

No flash messages were created.

Server Parameters

Server Parameters

Defined in .env

Key Value
APP_ENV 
"dev"
APP_SECRET 
"0a988e63f011514eaabfc650b599af4d"
CORS_ALLOW_ORIGIN 
"*"
DATABASE_URL 
"mysql://bbndb_rctuser:33F5W25z40or0f7@localhost:3306/rct_bbntimes"
GOOGLE_RECAPTCHA_SECRET_KEY 
"6LdV5fgpAAAAANxzTG8ZMfIjil1wu-1vrQvnUt-x"
GOOGLE_RECAPTCHA_SITE_KEY 
"6LdV5fgpAAAAAENKcn73MJAhQrbtQeqgyC4wDLMP"
MAILER_DSN 
"smtp://no-reply%40rct.dev.bbntimes.com:Bl6%26gLD48%26Of919@rct.dev.bbntimes.com:465"
MARIADB_PASSWORD 
"i!87pK&!85ezc8"

Defined as regular env variables

Key Value
APP_DEBUG 
"1"
BASE 
"/public"
CONTEXT_DOCUMENT_ROOT 
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
CONTEXT_PREFIX 
""
DOCUMENT_ROOT 
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
FCGI_ROLE 
"RESPONDER"
GATEWAY_INTERFACE 
"CGI/1.1"
HTTPS 
"on"
HTTP_ACCEPT 
"*/*"
HTTP_ACCEPT_ENCODING 
"gzip, br, zstd, deflate"
HTTP_CONNECTION 
"close"
HTTP_COOKIE 
"PHPSESSID=k69len8gjbkdcrqa80j9u66978"
HTTP_HOST 
"rct.dev.bbntimes.com"
HTTP_USER_AGENT 
"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)"
PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY 
"0"
PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY 
"0"
PATH 
"/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/snap/bin"
PHP_SELF 
"/public/index.php"
PP_CUSTOM_PHP_CGI_INDEX 
"plesk-php81-fastcgi"
PP_CUSTOM_PHP_INI 
"/var/www/vhosts/system/rct.dev.bbntimes.com/etc/php.ini"
QUERY_STRING 
""
REDIRECT_BASE 
"/public"
REDIRECT_HTTPS 
"on"
REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_REDIRECT_HTTPS 
"on"
REDIRECT_REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_REDIRECT_SCRIPT_URI 
"https://rct.dev.bbntimes.com/financial/blowing-away-the-bitcoin-bubble-premium"
REDIRECT_REDIRECT_SCRIPT_URL 
"/financial/blowing-away-the-bitcoin-bubble-premium"
REDIRECT_REDIRECT_SSL_TLS_SNI 
"rct.dev.bbntimes.com"
REDIRECT_REDIRECT_STATUS 
"200"
REDIRECT_REDIRECT_UNIQUE_ID 
"Z7mSj5DyWLT8YV1VjBpF0gAAAJA"
REDIRECT_SCRIPT_URI 
"https://rct.dev.bbntimes.com/financial/blowing-away-the-bitcoin-bubble-premium"
REDIRECT_SCRIPT_URL 
"/financial/blowing-away-the-bitcoin-bubble-premium"
REDIRECT_SSL_TLS_SNI 
"rct.dev.bbntimes.com"
REDIRECT_STATUS 
"200"
REDIRECT_UNIQUE_ID 
"Z7mSj5DyWLT8YV1VjBpF0gAAAJA"
REDIRECT_URL 
"/public/financial/blowing-away-the-bitcoin-bubble-premium"
REMOTE_ADDR 
"18.225.57.173"
REMOTE_PORT 
"40549"
REQUEST_METHOD 
"GET"
REQUEST_SCHEME 
"https"
REQUEST_TIME 
1740214927
REQUEST_TIME_FLOAT 
1740214927.8423
REQUEST_URI 
"/financial/blowing-away-the-bitcoin-bubble-premium"
SCRIPT_FILENAME 
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
SCRIPT_NAME 
"/public/index.php"
SCRIPT_URI 
"https://rct.dev.bbntimes.com/financial/blowing-away-the-bitcoin-bubble-premium"
SCRIPT_URL 
"/financial/blowing-away-the-bitcoin-bubble-premium"
SERVER_ADDR 
"5.196.1.209"
SERVER_ADMIN 
"[no address given]"
SERVER_NAME 
"rct.dev.bbntimes.com"
SERVER_PORT 
"443"
SERVER_PROTOCOL 
"HTTP/1.1"
SERVER_SIGNATURE 
"<address>Apache Server at rct.dev.bbntimes.com Port 443</address>\n"
SERVER_SOFTWARE 
"Apache"
SSL_TLS_SNI 
"rct.dev.bbntimes.com"
SYMFONY_DOTENV_VARS 
"APP_ENV,APP_SECRET,DATABASE_URL,MARIADB_PASSWORD,CORS_ALLOW_ORIGIN,MAILER_DSN,GOOGLE_RECAPTCHA_SECRET_KEY,GOOGLE_RECAPTCHA_SITE_KEY"
UNIQUE_ID 
"Z7mSj5DyWLT8YV1VjBpF0gAAAJA"

Sub Requests 6

CookieController :: renderAnalysis (token = e33434)

Key Value
_controller 
"App\Controller\CookieController::renderAnalysis"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"80b72a"

AppController :: renderHeader (token = 8eb136)

Key Value
_controller 
"App\Controller\AppController::renderHeader"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"b857a8"
slug 
"home"

ArticleController :: trendingArticle (token = 3306cf)

Key Value
_controller 
"App\Controller\ArticleController::trendingArticle"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"7b2a0c"
category 
"Finance"

ArticleController :: relatedArticles (token = 44b2dd)

Key Value
_controller 
"App\Controller\ArticleController::relatedArticles"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"d76947"
current_article 
App\Entity\Article {#1094
  -id: 7925
  -title: "Blowing Away the Bitcoin Bubble Premium"
  -slug: "blowing-away-the-bitcoin-bubble-premium"
  -introtext: "<p><span style="color: #000000;">The erosion of the Grayscale Bitcoin Trust premium isn’t a bad thing, it’s a sign that the industry is maturing.</span></p>\r\n"
  -content: """
    \r\n
    <p id="52f1" data-selectable-paragraph><span style="color: #000000;">Sal Billings felt parched. Thirsting for nothing other than a cold one, Billings thought twice about heading to the local bar.</span></p>\r\n
    <p id="6b7c" data-selectable-paragraph><span style="color: #000000;">Out here in the outskirts of Broome, Western Australia, the only beer available cost US$20 and you had no choice of brew — by way of comparison, the equivalent beer would only cost US$5 in downtown Perth, over 1,200 miles away.</span></p>\r\n
    <p id="829b" data-selectable-paragraph><span style="color: #000000;">As a surveyor, Billings made, well, good billings, as the mining industry of Western Australia boomed in the run-up to the 2008 financial crisis.</span></p>\r\n
    <p id="b6a1" data-selectable-paragraph><span style="color: #000000;">But part of the reason that workers were so well-paid in the industry was because they had to travel to remote locations, often having to stay there for months at a time before returning back to the cities from whence they came from.</span></p>\r\n
    <p id="1f55" data-selectable-paragraph><span style="color: #000000;">And the relative inaccessibility of many of these mining sites meant that even the smallest luxuries, like a bar of chocolate, could attract a substantial premium over its actual price.</span></p>\r\n
    <p id="2920" data-selectable-paragraph><span style="color: #000000;">So has it been for cryptocurrencies, and in particular Bitcoin.</span></p>\r\n
    <h2 id="7ff7" data-selectable-paragraph><span style="color: #10228b;">The Price of Access</span></h2>\r\n
    <p><img src="/images/Bitcoin-6.jpg" alt="Bitcoin 6" width="601" height="412" /></p>\r\n
    <p id="efa4" data-selectable-paragraph><span style="color: #000000;">Until fairly recently, the only way an institutional investor such as a pension fund or hedge fund, could buy Bitcoin, was through Grayscale Bitcoin Investment Trust (GBTC), the first publicly quoted security for Bitcoin approved by the Financial Industry Regulatory Authority.</span></p>\r\n
    <p id="7500" data-selectable-paragraph><span style="color: #000000;">GBTC was the first, and to date the only, designated U.S. Securities and Exchange Commission reporting company which registers its shares pursuant to Section 12(g) of the U.S. Securities Act.</span></p>\r\n
    <p id="e794" data-selectable-paragraph><span style="color: #000000;">Using a traditional investment vehicle with shares titled in the names of investors (something that simply buying Bitcoin lacks), institutional investors are provided a familiar structure for financial and tax advisors to deal in and with Bitcoin, providing even for easy transferability to beneficiaries under estate laws.</span></p>\r\n
    <p id="0f32" data-selectable-paragraph><span style="color: #000000;">On top of that, shares of GBTC are also eligible to be held in certain IRA, Roth IRA and other brokerage and investor accounts, greatly enhancing their accessibility for qualified investors to participate in Bitcoin.</span></p>\r\n
    <p id="ab99" data-selectable-paragraph><span style="color: #000000;">But those institutional-grade protections and trappings came at a price, and it isn’t just the management fee that Grayscale charges for the privilege of an institutional wrapper on one of the most ethereal of assets.</span></p>\r\n
    <p id="1818" data-selectable-paragraph><span style="color: #000000;">Investors in GBTC and other Grayscale cryptocurrency products have long had to pay a premium for their shares in GBTC, well above what it would have otherwise cost to just buy Bitcoin or the other cryptocurrencies that Grayscale offers through its trust vehicles, outright.</span></p>\r\n
    <p id="a1c0" data-selectable-paragraph><span style="color: #000000;">The historical average premium for GBTC over the underlying price of Bitcoin has been around 40%, with the highest on record at 132.6%.</span></p>\r\n
    <p id="b13f" data-selectable-paragraph><span style="color: #000000;">But it’s not just a premium on price there’s the issue of a lock-up — investors in GBTC have to hold on to their shares for a minimum of six months before they can sell them in the secondary market.</span></p>\r\n
    <p id="37e7" data-selectable-paragraph><span style="color: #000000;">Six months may not sound like a long time, but in the cryptocurrency world, it’s an eternity.</span></p>\r\n
    <p id="3e8a" data-selectable-paragraph><span style="color: #000000;">Ceteris paribus&nbsp;if GBTC maintains its premium and Bitcoin’s price doesn’t move, qualified investors that subscribe for GBTC shares in its daily placement and sell them six months later, can basically clean up on the premiums.</span></p>\r\n
    <p id="53c9" data-selectable-paragraph><span style="color: #000000;">In reality of course, Bitcoin’s price can barely stay static for six seconds, let alone six months.</span></p>\r\n
    <p id="342b" data-selectable-paragraph><span style="color: #000000;">And because there’s no redemption mechanism that would allow investors to redeem their shares in GBTC for Bitcoin, investors who aren’t pension funds or hedge funds, but buy GBTC, are essentially buying those shares in the hopes of making money on the historically available premiums.</span></p>\r\n
    <h2 id="136a" data-selectable-paragraph><span style="color: #10228b;">Premium Bets</span></h2>\r\n
    <p id="5c95" data-selectable-paragraph><span style="color: #000000;">But while there has always been a premium for GBTC shares over the underlying asset, there is no guarantee that such premiums will continue to exist.</span></p>\r\n
    <p id="d5ca" data-selectable-paragraph><span style="color: #000000;">In recent weeks, the GBTC premium has been steadily declining, tracking closer and closer with Bitcoin, which has led to downward pressure on Bitcoin’s price.</span></p>\r\n
    <p id="c9b6" data-selectable-paragraph><span style="color: #000000;">Because so many qualified investors rushed into GBTC in the last quarter of 2020, many of those shares will soon be sold in the secondary market starting from the second quarter of 2021 and that’s when the real demand for Bitcoin can be assessed.</span></p>\r\n
    <p id="60d3" data-selectable-paragraph><span style="color: #000000;">The fact that GBTC can’t be redeemed for actual Bitcoin is key to maintaining the premium.</span></p>\r\n
    <p id="21b2" data-selectable-paragraph><span style="color: #000000;">In a rising market, GBTC can sustain its premiums because more capital is being committed to monetizing those premiums, leading to more subscriptions of GBTC shares in the primary market.</span></p>\r\n
    <p id="03f3" data-selectable-paragraph><span style="color: #000000;">As demand for GBTC shares grows, Grayscale needs to buy actual Bitcoin on the open market and take Bitcoin “out” of circulation, putting an upward pressure on price.</span></p>\r\n
    <p id="4e7e" data-selectable-paragraph><span style="color: #000000;">And that upward pressure on price, increases the attractiveness of GBTC to qualified investors, leading to more primary subscriptions for GBTC and ensuring a self-perpetuating upwards price feedback loop.</span></p>\r\n
    <p id="c421" data-selectable-paragraph><span style="color: #000000;">Central to GBTC’s demand is it provides investors with exposure to Bitcoin in a regulated vehicle without having to struggle with the challenges of custody, especially since some institutional investors are barred from even holding Bitcoin for regulatory reasons.</span></p>\r\n
    <p id="5b64" data-selectable-paragraph><span style="color: #000000;">The reality is that institutional investors just don’t have a whole lot of options when it comes to participating in Bitcoin and they’re willing to pay the premium for GBTC for a taste of a potential 300% return.</span></p>\r\n
    <p id="c18b" data-selectable-paragraph><span style="color: #000000;">Until now.</span></p>\r\n
    <h2 id="17b4" data-selectable-paragraph><span style="color: #10228b;">Sophie’s Choice</span></h2>\r\n
    <p><img src="/images/Bitcoin_App.jpg" alt="Bitcoin App" /></p>\r\n
    <p id="bdd9" data-selectable-paragraph><span style="color: #000000;">Last Friday, JPMorgan Chase strategist Nikolas Panigirtzoglou wrote in a note to clients that flows into the US$20 billion Grayscale Bitcoin Investment Trust “appears to have peaked” based on four-week rolling averages, which he suggested cast doubts on Bitcoin’s sustained rally.</span></p>\r\n
    <p id="4b8a" data-selectable-paragraph><span style="color: #000000;">But while Grayscale Bitcoin Investment Trust slid 22% over the past two weeks, Bitcoin only fell by 17%, which shows that the Grayscale premium is being compressed, more so than that Bitcoin demand is faltering.</span><br /><br /><span style="color: #000000;">If the goal of a derivative, such as GBTC, is to reflect the value of its underlying asset, then the erosion of the Grayscale premium should be seen as a welcome indicator of growing sophistication in the cryptocurrency market.</span></p>\r\n
    <p id="2dbe" data-selectable-paragraph><span style="color: #000000;">A disconnect between the tracker and the underlying asset suggests gross inefficiencies in an immature market, which helps justify the premium that investors pay for the institutional wrapper.</span></p>\r\n
    <p id="7ff5" data-selectable-paragraph><span style="color: #000000;">Part of the reason that GBTC may be losing its premium is because institutional investors are getting more choice.</span></p>\r\n
    <p id="e5e2" data-selectable-paragraph><span style="color: #000000;">Last week, BlackRock, the world’s largest asset manager, added Bitcoin futures as an eligible investment for two funds, the first time the money manager is offering its clients exposure to cryptocurrencies.</span><br /><br /><span style="color: #000000;">And last year, Fidelity launched its inaugural Bitcoin Fund for wealthy investors.</span><br /><br /><span style="color: #000000;">In other words, qualified investors now have more choice than ever before, when it comes to participating in Bitcoin and helps to explain why the Grayscale premium is evaporating, as opposed to a fall in demand.</span></p>\r\n
    <p id="c005" data-selectable-paragraph><span style="color: #000000;">The appointment of Janet Yellen as U.S. Treasury Secretary as well as the impending confirmation of crypto-savvy Gary Gensler to head up the U.S. Securities and Exchange Commission is also paving the way for investors to possibly have more regulated options when it comes to cryptocurrencies.</span><br /><br /><span style="color: #000000;">Increased expectations of more comprehensive regulation of cryptocurrencies is raising the possibility that investors, specifically institutional investors, will also have more choice soon, whether via an ETF or some other regulated vehicle.</span></p>\r\n
    <p id="1ce3" data-selectable-paragraph><span style="color: #000000;">But the risk is that the erosion of the Grayscale Bitcoin premium could further stoke the unwinding of bullish Bitcoin futures positions that bet on those premiums persisting and act as a catalyst for further Bitcoin price weakness in the immediate term.</span></p>\r\n
    <p id="1250" data-selectable-paragraph><span style="color: #000000;">As institutional investors gain greater access to Bitcoin, it’s only natural that fewer of them will be willing to pay a premium to participate, the same way the price of a beer becomes progressively cheaper as you move further from a mining site and closer to a city.</span></p>\r\n
    <p id="be9d" data-selectable-paragraph><span style="color: #000000;">In geography, just as in cryptocurrency, access is everything, and at least for Bitcoin, soon even institutional investors won’t have to pay a premium for it.</span></p>
    """
  -user: Proxies\__CG__\App\Entity\User {#1092 …}
  -createdAt: DateTime @1611939478 {#1145
    date: 2021-01-29 16:57:58.0 UTC (+00:00)
  }
  -updatedAt: DateTime @1650305833 {#1150
    date: 2022-04-18 18:17:13.0 UTC (+00:00)
  }
  -deletedAt: null
  -category: App\Entity\Category {#445 …}
  -status: "published"
  -imageCard: Proxies\__CG__\App\Entity\File {#1184 …}
  -ImageHeader: Proxies\__CG__\App\Entity\File {#1184 …}
  -featured: false
  -mainView: false
  -clicks: 3394
  -comments: Doctrine\ORM\PersistentCollection {#1125 …}
  -reviewed_at: DateTime @1611939478 {#1148
    date: 2021-01-29 16:57:58.0 UTC (+00:00)
  }
  -metakey: "Blowing Away the Bitcoin Bubble Premium"
  -metadesc: "The erosion of the Grayscale Bitcoin Trust premium isn’t a bad thing, it’s a sign that the industry is maturing."
  -robots: null
  -publishedAt: DateTime @1611939478 {#1147
    date: 2021-01-29 16:57:58.0 UTC (+00:00)
  }
  -canonical: null
  -superTag: null
}

AppController :: renderFooter (token = faddd0)

Key Value
_controller 
"App\Controller\AppController::renderFooter"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"d0cfee"

CookieController :: renderCookie (token = 8e65db)

Key Value
_controller 
"App\Controller\CookieController::renderCookie"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"0bc726"