FUD Over! Only 58 BTC Shares Will Be Unlocked on GBTC's Final Unlock Date, Next Unlock Won't Be Until 2022
Grayscale's Bitcoin Trust (GBTC) has completed its final unlock of the year, with only 58 bitcoins worth of shares unlocked. This not only alleviates selling pressure but also helps balance the bearish sentiment in the market. Grayscale's CEO also retweeted this news to put an end to the bearish speculation surrounding GBTC unlocks.
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Next Unlock: 2022
According to monitoring data from Bybt, the final unlock date this year on 8/25 will only have fund shares worth 58 bitcoins.
Since 3/5, Grayscale has suspended new fund inflows. The unlock period for previously purchased GBTC shares is six months, so there will be no more GBTC unlocks this year.
Thousands of GBTC Shares Unlocked in July
Previously, the GBTC premium rate continued to hit new lows, with growing negative premiums. The focus was on the large number of unlocks in July, totaling about 41,850 bitcoins, with the highest single-day value on 7/18 at 16,240 BTC.
Entering July, Bitcoin was hovering around $32,000, dropping to $29,305 after the 7/18 unlock. Asset management company Arca's Chief Investment Officer Jeff Dorman and quantitative investment firm Amber Group both spoke out, suggesting that the unlock could actually lead to spot Bitcoin buying.
However, by the end of July, Bitcoin had reached the $40,000 level. Analyst Willy Woo also sarcastically noted at the end of July, "Remember last week when all analysts were shouting that the Grayscale unlock would bring billions of dollars in selling pressure?"
Remember when all the traditional analysts said the Grayscale unlock would unleash billions in selling this last week? Yeah, no.
— Willy Woo (@woonomic) July 29, 2021
Unlock FUD Ends
Webster Ratings also pointed out on Twitter that the GBTC unlock only involves 58 bitcoins worth of shares, alleviating concerns about oversupply and massive selling pressure, with the next GBTC unlock scheduled for 2022.
So much for all that #Grayscale #Bitcoin Trust FUD, as the last $GBTC unlock totaled just 58 $BTC. Worries of a massive wave of supply and sell side pressure are all but erased and the next #GBTC unlock won't occur until 2022.
— Weiss Crypto (@WeissCrypto) August 26, 2021
Zhu Su, CEO of Three Arrows Capital, who holds a large amount of GBTC shares, once again advocated buying GBTC, stating :
If you missed the Bitcoin rebound, you can buy GBTC, which currently has a 10% discount negative premium. GBTC is almost certain to transition to a Bitcoin ETF at some point, and when public buying returns, it may even be sold at a premium during unlocks.