In accordance with the report shared recently, around $1.5 billion worth of shares in the Grayscale Bitcoin Trust, GBTC will be hitting the market on July 18. As predicted by the researchers at the United States cryptocurrency exchange Kraken has made predictions that the emerging Grayscale unlock could be impressive for the price of Bitcoin.
Grayscale Bitcoin Trust Shares Will Hit The Market on July 18
The prices of Bitcoin and other cryptocurrencies in the market struggled to find direction in the month of June after moving significantly lower through the month of April and May.
Discussing further the largest digital asset fund manager Grayscale, it has $24 billion worth of assets under management and allows the institutional investors to witness the exposure to Bitcoin through shares in GBTC, which stands for the Grayscale Bitcoin Trust.
Talking about the Grayscale Bitcoin Trust, the fund currently holds over 650,000 Bitcoin tokens from which, around 3% of the total asset, is in circulation.
In addition to this, it should be kept in notice that the shares of GBTC are subject to a lockup period of six months after being purchased.
Pete Humiston Comments on The Suituation
Pete Humiston, the Manager of Kraken Intelligence released a comment along with the latest market recap report of Kraken that said:
“Despite once being a single-asset fund of the other, bitcoin and GBTC are two distinct assets with different forces influencing their respective prices.”
Moreover, Pete mentioned the trading strategies used by institutional investors and said:
“While we don’t anticipate the unlock window to have any major market impact, the trading strategies commonly used by institutional investors leads us to conclude that the event could be mildly positive for the bitcoin price.”
The Intelligence report shared by Kraken said:
“The complexity and duration relating to repositioning in the market amidst the GBTC share unlock are not black and white. On its own, it’s not likely significant enough to immediately impact bitcoin’s price like some claim.”