Does GBTC unlock doom spells for Bitcoin? The Best Expert Parses It

Bitcoin, the rest of the crypto market, especially the Ethereum and Defi sector, are moving in favor of showing strength. The first cryptocurrency, according to the market cap, has to take the plunge to get out of the current lineup, but could face a short-term disadvantage, some new reports claim.

BTC moves sideways on the daily chart. Source: BTCUSD Tradingview
Banking giant JP Morgan has published a report written by its Strategist Nikolos Panigirzoglu on the alleged bearish signals caused by the opening of Bitcoin Trust shares (GBTC). The analyst expects the event to hit headwinds for bitcoin in July.

With this investment product, owners can only sell their gbtc shares after a 6-month cut-off period. Panigirtzoglu expects investors to liquidate their shares worth about 140,000 BTC. Thus, they will create selling pressure on the already declining BTC price.

something we haven’t discussed yet – the grayscale $ GBTC unlock chart looks really tough

June April to mid-June, 139,000 bitcoins worth of shares were unlocked. There are another 140,000 shares in bitcoin that will be unlocked by the end of July

Yeah, Yeah. pic.twitter.com/Ha97Dh494O

– Meltem demir-RS-RS (@Melt_Dem) June 23, 2021

This theory of decline is gaining momentum and raising concerns for investors and traders. Alex Mashinsky, CEO of Celsius Network, shares that vision and predicts the price of BTC will fall in the coming weeks.

According to Mashinsky, this will be the third and final delivery event before bitcoin continues its rally to $ 100,000 by the end of 2021. The opening will take place in mid-July. Mashinsky said the gbtc discount would rise to 25% during that period.

Dec Sundays, he predicts that some hedge funds will want to take advantage of the arbitrage opportunity between the Bitcoin price in the spot market and the GBTC discount. So they can cut BTC and buy GBTC at a higher discount.

You’ll have to pay at least $ 5 billion

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