This weekend should not be boring...with the upcoming Unlocking of Grayscales GBTC
𝐖𝐡𝐚𝐭 𝐰𝐢𝐥𝐥 𝐡𝐚𝐩𝐩𝐞𝐧 𝐨𝐧 𝐒𝐮𝐧𝐝𝐚𝐲𝟏𝟖𝐭𝐡 𝐉𝐮𝐥𝐲? Largest #BTC unlock on #Grayscale.
A total of nearly 41,000 BTC will be unlocked in July, amounting to nearly $1.4 billion in notional value. The biggest of these unlocks will be on July 18th when 16,240 BTC will be available due to the release of the six-month lock-in period for GBTC shares.
𝐖𝐢𝐥𝐥 𝐭𝐡𝐞 #𝐜𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐢𝐭𝐧𝐞𝐬𝐬 𝐬𝐨𝐦𝐞 𝐧𝐞𝐰 𝐜𝐨𝐫𝐫𝐞𝐜𝐭𝐢𝐨𝐧? Short term I expect up to 20% of these BTCs to be sold, this will have a little impact ...but most of these owners have witnessed the peak in April and are not waiting on getting their money back.... and lose even more profit due to the GBTC discount we might see next week.
Meaning they want profit which would result into holding. Because they also see that after all the FUD spread out over Bitcoin these last couple of months it is still above $30,000, which very bullish.
Fasten your seatbelts------Next week might get bumpy.....hold on and holdl on just a bit longer.
Comments
Ehh well I might have misunderstood, but you are right to start with but what I have been reading in several sources is that now they are actually being unlocked. Meaning that GBTC shares that were locked will become BTC and these are handed out in BTC to the investors and therefore returning to the actual BTC market. But again I might have been misinformed
The GBTC shares are just shares. But when an investors buys GBTC has these shares locked up for 6 months. After that period they can trade the GBTC shares in a secondary market called OTCQX. The investors have no access to the coins (BTC) or any crypto exchange.
Basically, consider it that Grayscale doesn't sell BTC at all, but it all remains under its custody without ever moved. In case the GBTC Trust changes to an ETF things may become different and we may see Grayscale selling.
I've written this article :https://read.cash/@Pantera/the-final-gbtc-unlock-bull-or-bear-for-crypto-a000e3d3 that explains a lot about the final unlockings of GBTC and has some good intel inside.
Take a look.
thx
The BTC Grayscale bought are not sold back in the market. They have a secondary market with GBTC shares trading. BTC owned by Grayscale is not reedemable for the time being but stays at Grayscale Custody.