The FUD associated with the Grayscale Bitcoin Trust is over, most recently unlocking only 58 BTCs
2 min readThe BTC Exposure Investment tool, the Grayscale Bitcoin Trust (GBTC), unlocked additional shares this week and ended one of the discussion points within the cryptocommunity. Data from the Bybt monitoring source confirm that no further unlocks are planned from Thursday.
Grayscale Bitcoin Trust FUD is over
The unlocking actions at the GBTC took place throughout 2021 and at one point became the focal point of the BTC’s bearish price forecast. With the equivalent of tens of thousands of BTCs released at once, some feared that selling pressure would increase enormously and sentiment would decline.
Wednesday, the final release date, included the equivalent of just 58 BTC. The largest unlocking took place on July 18, that involved 16,240 BTC.
The bear sentiment around Grayscale as such quieted. The next series of unlocks is scheduled for 2022. “Remember when all the traditional analysts said that unlocking in Grayscale could make billions in sales?” said statistician Willy Woo last month, when it was clear that market events would not move.
Morgan Stanley is betting on GBTC in a big way
On the same day, there were reports that traditional banking giant Morgan Stanley had joined those with significant investments in the GBTC. In filling for the US Securities and Exchange Commission this week, the bank announced that it already owns more than 1 million GBTC shares.
As the last buyer, joins JPMorgan Chase together and the famous pro-BTC Ark Invest, let’s not forget Wells Fargo with Goldman Sachs. GBTC continues to trade with a discount on the spot price of BTC, while its shares are 13.3% cheaper on Thursday.
