GBTC unlock edges closer as impact on Bitcoin price remains unclear
Contrary to JPMorgan’s analyst, the major GBTC unlock on July 18 might not put any downside risk on BTC’s spot price. As Bitcoin (BTC) struggles around the $32,700 mark after the July 8 price drop, another major event looms over the flagship cryptocurrency in July, the Grayscale Bitcoin Trust (GBTC) unlock.A total of nearly 40,000 BTC will be unlocked in July, amounting to nearly $1.5 billion in notional value. The biggest of these unlocks will be on July 18 when 16,240 BTC will be available due to the release of the six-month lock-in period for GBTC shares. The tranche of shares consists....
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Even if unlocking events were able to directly spark Bitcoin sell-offs, the worst is easily over, data shows. Bitcoin (BTC) is rebounding despite the ongoing Grayscale Bitcoin Trust (GBTC) unlocking events — and most shares are already released.According to data from tracking resource Bybt, the remaining unlockings combined involve fewer shares than those which were released on just one day last weekend.Putting an end to GBTC "FUD"July 18 saw around 16,240 BTC worth of GBTC shares end their six-month lock-up period. The largest such release in a single day, the event saw a hefty build-up,....
New research questions the gravity of the upcoming unlocking events at the Grayscale Bitcoin Trust, pointing to bigger potential price threats later in 2021. Bitcoin (BTC) will not move much after Grayscale's giant 16,000 BTC unlocking date after all, says crypto trading firm QCP Capital. In its latest market update released on July 8, analysts downplayed the popular theory that GBTC will cause BTC price volatility in the coming weeks.No "significant impact" expected from GBTCAs Cointelegraph reported, the Grayscale Bitcoin Trust (GBTC) is due to release, or "unlock," a large amount of BTC....
Bitcoin price has been skyrocketing, before this weekend’s cyber attack hiccup, but prices are again on the move upward. How much is a Bitcoin really worth right now? American investors are seeing a true value of more than 70% higher than the market rate this week. As Bitcoin does not have any real level of mainstream investor access like an ETF, even though that is still a possibility, the next best thing right now is shares in the Grayscale Bitcoin Trust, or GBTC, according to sources. The Grayscale Bitcoin Trust is one of the very few ways to access Bitcoin through a standard brokerage....
What was once a major bearish narrative exits via the tradesman’s entrance after failing to have any impact on Bitcoin markets. Bitcoin (BTC) investment vehicle the Grayscale Bitcoin Trust (GBTC) completed its share unlockings this week, ending a major talking point both inside and outside crypto.Data from monitoring resource Bybt confirms that as of Thursday, no more unlockings are scheduled.Bitcoin shrugs off another FUD narrativeUnlocking events at GBTC have continued throughout 2021 and, at one point, formed the focal point for bearish BTC price predictions.With the equivalent of tens....
The increasing GBTC price comes on the heels of another bullish Bitcoin trend. The Bitcoin Investment Trust is benefiting from the recent BTC price surge. Now that the publicly traded offering surpassed the US$200m market cap, things are looking very promising for GBTC. This news seems to indicate mainstream traders are flocking to GBTC over the past week. Publicly traded stocks have seen their fair share of problems during 2016. Traditional stocks have seen a lot of losses and small gains over time, resulting in a barely positive balance. But GBTC has successfully bucked this trend, as....