Is Bitcoin in danger of losing $30K with Grayscale's big GBTC unlocking in tw...
Bitcoin prices remain under pressure in the $30,000-$40,000 zone as traders brace for the 16,000 BTC worth of GBTC shares unlocking in July. Whether a potential sell-off of shares tied to a multi-billion dollar Bitcoin (BTC) investment fund could crash the cryptocurrency's spot prices has turned into a hotly debated topic among the analysts in the space.Grayscale's premium remains negative for months The argument concerns Grayscale Bitcoin Trust, the world's largest digital assets manager that allows institutional investors to gain indirect exposure in the Bitcoin market through its....
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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....
Funds are flowing back into GBTC, data suggests, as CEO Sonnenshein reiterates plans to turn Grayscale crypto funds into ETFs. The Grayscale Bitcoin Trust (GBTC) is echoing bullish sentiment in Bitcoin (BTC) as its premium over spot price rises to its highest since May.Data from analytics resource Bybt shows that on Tuesday, the so-called Grayscale premium stood at -5.88%. The last time it was closer to zero was on May 25.GBTC premium slips above -6% That was a week after Bitcoin began a major price drawdown, which this week has finally shown signs of abating.GBTC has been the subject of....
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,....
Grayscale Investments has confirmed its plan to file for its bitcoin trust (GBTC) to be converted into a bitcoin exchange-traded fund (ETF). “The NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF,” said Grayscale’s official.
GBTC to Become Bitcoin ETF
Grayscale Investments has confirmed that it will convert its flagship product, Grayscale Bitcoin Trust (GBTC), into a bitcoin exchange-traded fund (ETF). Jennifer Rosenthal, Grayscale’s communications director, tweeted Monday:
Today, I’m happy to confirm that....
Wealthfront users will now be able to have up to 10% of their portfolios composed of the Grayscale Bitcoin and Ethereum Trusts. Bitcoin (BTC) and Ether (ETH) exposure has come to one of the world's biggest automated investment firms.In a blog post on July 29, Wealthfront, which has $25 billion in assets, confirmed that it had added two Grayscale funds to its suite of investment options.GBTC buzz returnsThe recent rise in cryptocurrency prices has kept institutional products such as Grayscale's various funds in the spotlight.Wealthfront, an example of a so-called "robo advisor" in the....