Bitcoin (Bitcoin) Grayscale Bitcoin Trust (GBTC), an investment tool, completed its stock unlocking this week, ending a major topic within and outside cryptocurrencies.
Data from monitoring resources byte It is confirmed that as of Thursday, the unlocking will no longer be arranged.
Bitcoin dismisses another FUD narrative
The unlocking event of GBTC lasted until 2021, and once became the focus of bearish BTC price predictions.
With the release of the equivalent of tens of thousands of BTC at a time, some people worry that selling pressure will erupt, which will lead to a sharp drop in sentiment.
This has never happened, as Cointelegraph Report, The fear from the beginning is not logical, because Grayscale itself does not allow customers to cash in stocks for Bitcoin.
Wednesday, the final unlock date, only involved 58 BTC. In contrast, the largest single date, July 18, involves 16,240 BTC.
Therefore, the bearish narrative surrounding grayscale disappeared with a whimper rather than a loud noise. The unlock plan for the next series is 2022.
“Remember that all traditional analysts said last week that Grayscale Unlocking will release billions of dollars in sales? Yes, no,” statistician Willy Woo Said Last month, the market was not affected by these events, which is already obvious.
Morgan Stanley bets on GBTC
The data shows that the traditional banking giant Morgan Stanley has joined the ranks of investing heavily in GBTC.
exist Record The bank and the US Securities and Exchange Commission reported this week that its Insight Fund alone owns more than 928,000 GBTC shares.