Bitcoin (BitcoinAlthough the Grayscale Bitcoin Trust (GBTC) unlock event is underway, it is still rebounding-most stocks have already been released.
Based on data from tracking resources byte, The remaining unlocked portfolio involves fewer shares than the shares released in just one day last weekend.
End GBTC “FUD”
On July 18, GBTC stock worth approximately 16,240 BTC ended its six-month lock-up period.The largest such release in a single day, the event saw Pile up, There is a lot of debate about its possible impact on the price of Bitcoin.
As far as GBTC is concerned, Monday’s BTC price drop was timely, in line with the statement that the sell-off will occur after such a large release.
Even if this is true, Bitcoin holders now have a silver lining-the unlocking is only scheduled before August 25, and the number of outstanding shares is less than Sunday’s share.
However, in reality, there is a lack of supporting evidence that unlocks led to the sell-off. As various sources have emphasized, the Bitcoin market itself is actually completely excluded from such events-GBTC shares cannot be exchanged for BTC, and then theoretically can be sold for cash or stablecoins.
“Grayscale just unlocked the largest GBTC today, but it didn’t explode,” popular Twitter commentator Rack Davis wrote On Monday, data from Bybt was quoted.
Despite this, “FUD” has penetrated some of the most famous names in the financial world, including the banking giant JPMorgan Chase.
A report stated that “during June and July, the six-month lock-up period for selling GBTC shares has become another headwind for Bitcoin,” claim Earlier this month.
The CEO is confident in the performance of GBTC
As Cointelegraph ReportAt the same time, interest in GBTC and Grayscale’s other products still exists.
Both Rothschild Investment Corp and ARK Invest increased their holdings in July, and the latter increased their exposure to 310,000 shares of Bitcoin.
“GBTC’s daily nominal trading volume reaches hundreds of millions of dollars. For many investors, increasing their exposure to cryptocurrencies in addition to stocks, bonds, ETFs, and other assets they may own is indeed the easiest way,” Grayscale Chief Executive Officer Officer Michael Sonnenshein tell Bloomberg Monday.
A kind Polls The organization of asset management company Fidelity also revealed a proactive long-term approach to cryptocurrency, with 71% of respondents planning to enter the market in the future.