Bitcoin (BTC) will not move much after Grayscale’s giant 16,000 BTC unlocking date after all, says crypto trading firm QCP Capital.
In its latest market update released on July 8, analysts downplayed the popular theory that GBTC will cause BTC price volatility in the coming weeks.
No “significant impact” expected from GBTC
As Cointelegraph reported, the Grayscale Bitcoin Trust (GBTC) is due to release, or “unlock,” a large amount of BTC after a six-month lock-up period.
A frequent event, the size of the unlockings set for this month has nonetheless led to concerns that market volatility will increase, hindering a potential recovery.
On July 18, for example, the largest unlocking date, 16,240 BTC will become available, currently equal to $530 million.
For QCP, however, there is little reason to be concerned.
“The upcoming unlocks are for institutional holders who subscribed directly to GBTC 6 months ago — and this batch consists of all the new Q1/2021 positions, largely ARK’s last tranche,” it explained.
“To state clearly —