Sunday's GBTC unlock held more shares than the remaining events combined
July 21, 2021. Summarized by summa-bot.
Compression ratio: 39.8%. 1 min read.
Bitcoin sell-offs from GBTC may not last as a narrative with unlockings winding down.
Bitcoin (BTC) is rebounding despite the ongoing Grayscale Bitcoin Trust (GBTC) unlocking events — and most shares are already released.
July 18 saw around 16,240 BTC worth of GBTC shares end their six-month lock-up period.
Even if that were true, Bitcoin hodlers now have a silver lining — unlockings are only scheduled until August 25, and the outstanding shares are fewer in number than Sunday's tranche.
As various sources stress, Bitcoin markets themselves are in fact left out of such events altogether — GBTC shares cannot be redeemed for BTC, which could then theoretically be dumped for cash or stablecoins.
"One more big unlock on the 20th and then the whole GBTC crashing bitcoin narrative will be over.
"Selling of GBTC shares exiting the six-month lockup period during June and July has emerged as an additional headwind for bitcoin," a report claimed earlier this month.
Related: Grayscale ‘100% committed’ to turning GBTC into Bitcoin ETF — CEO