Categories: Bitcoin

The GBTC unlock on Sunday held more shares than the rest of the events combined

Bitcoin (BTC) is bouncing back despite ongoing unlocking events by the Grayscale Bitcoin Trust (GBTC) – and most of the stocks have already been released.

According to data from the tracking resource Bybt, the combined remaining unlocks have fewer shares than those that were released just a weekend ago.

Termination of the General Terms and Conditions “FUD”

On July 18, GBTC shares valued at around 16,240 BTC ended their six-month lock-up period. The event was the largest of its kind in just one day and went well, with heated debates over the potential impact on the price of Bitcoin.

Monday’s BTC price decline comes timely in relation to GBTC, in line with the narrative that such large issues will be followed by a sell-off.

Even if that were true, Bitcoin holders now have a silver lining – it is only scheduled to unlock until August 25, and the number of shares outstanding is fewer than Sunday’s batch.

GBTC unlocking diagram. Source: Bybt

In reality, however, the lack of evidence of the jailbreak resulted in the sell-off. As various sources point out, the Bitcoin markets themselves are actually completely exempt from such events – GBTC shares cannot be converted into BTC, which can then theoretically be sold for cash or stablecoins.

“Grayscale just had the biggest GBTC unlock ever and nothing exploded,” popular Twitter commenter Lark Davis said Written on Monday, citing Bybt numbers.

“Another big unlock on the 20th and then the whole GBTC Bitcoin crash story will be over. Which FUD are you going to start next? “

This “FUD” nonetheless infiltrated some of the most famous names in the financial industry, including banking giant JPMorgan.

“The sale of GBTC shares exiting the six-month lock-up period in June and July has turned out to be additional headwinds for Bitcoin,” a report said earlier this month.

CEO confident about GBTC’s performance

Meanwhile, as Cointelegraph reported, interest in GBTC and other Grayscale products remains.

Related: Grayscale ‘100% Committed’ to Turn GBTC into a Bitcoin ETF – CEO

Both Rothschild Investment Corp and ARK Invest added to their shares in July, and the company added 310,000 shares to its Bitcoin holdings.

“GBTC makes hundreds of millions of dollars in face value every day and it really is the easiest way for more investors to get exposure to cryptocurrencies alongside stocks, bonds, ETFs and other things they might own,” Grayscale CEO Michael Sonnenshein told Bloomberg Monday.

A survey of institutions run by the asset manager Fidelity also showed positive long-term approaches for cryptocurrencies, with 71% of those surveyed planning to enter the market in the future.

.

.

Coincu

Recent Posts

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

24 mins ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

1 hour ago

BlockDAG X1 App Receives Huge Response From Community, Hiting Over 200K Users! Latest on Bitcoin & Chainlink Prices

Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…

1 hour ago

Bitcoin Mining Difficulty Tops 100T Hash for the First Time

New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…

2 hours ago

US Presidential Election Drives Bitcoin Price Back to $70,000

Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.

3 hours ago

Xinteria Surpasses $1 Billion in Trading Volume, Unveils Innovative Market-Making Technology

NY, United States of America, 5th November 2024, Chainwire

3 hours ago

This website uses cookies.