Bitcoin Unmoved as Grayscale Unlocks $1 Billion Shares
Bitcoin’s price has remained at around $30,000 despite some 25,000 bitcoins being unlocked at Grayscale’s Bitcoin Trust (GBTC).
More than 16,000 bitcoin was unlocked on Saturday and another 9,000 was unlocked today making it a combined $1 billion worth of coins.
Price however has remained within the general range, slightly dipping today but not much off from where it was.
Traders were anxious about this unlock as it is the biggest yet six months on after some $1 billion worth of GBTC shares were minted.
Now that this is behind us, the massive buying during November and December produces no longer massive unlocks six months later in July.
Hence any pressure that might have been created by old institutional buyers redeeming their coins six months later should now recede.
In addition any pressure on GBTC’s sell price due to unlocks should lower. Something that may lead to more demand for minting new shares which is the equivalent of buying bitcoin.
As can be seen in the featured image, there’s hardly much more locked sums to become available now, so any supply that may have come from that should start stabilizing.
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