Due to the huge 16K BTC unlocked in Grayscale, Bitcoin selling pressure may drop to zero in July

Institutional Bitcoin (Bitcoin) Investors have attracted much attention because the upcoming major redemption date has triggered discussions about new price fluctuations.

As pointed out by popular Twitter commentator Loomdart and others this week, as Bitcoin hovers around $40,000, attention is focused on the buyers and sellers of the Grayscale Bitcoin Trust (GBTC).

July means BTC prices fluctuate

As a giant in the institutional Bitcoin field, GBTC manages more than $24 billion in assets.

It is not always available-as Cointelegraph Report, The trust is closed regularly, and this year coincides with its trading at a buying price lower than the spot price.

This negative “GBTC premium” has formed An important topic For its part, since investment funds are locked for a period of time and then released, investors are allowed to cash out at a specific time based on their buying time.

GBTC premium and BTC/USD. Source: CryptoQuant/Twitter

The combination of a negative premium relative to the spot and a large amount of funds unlocked means that July will be particularly interesting for BTC price movements. Previously, this adjustment meant increased volatility.

July 19 will be the largest single unlock day, releasing 16,000 BTC (627 million US dollars).

The unlock date of the Grayscale Bitcoin Trust. Source: Bybt.com

Buck the trend

For Loomdart, a popular anonymous trader, this still provides an opportunity to stabilize the selling pressure afterwards, paving the way for BTC bulls to break the long-term resistance line.

This will be in stark contrast to the generally bearish situation in the institutional market, where the open interest of Bitcoin futures has fallen sharply from before the price fell to $30,000 in May.

On-chain analysis resource CryptoQuant famous The decline in interest last week was in turn accompanied by A sharp decline In the overall number of BTC transactions.