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.