Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, doesn’t agree with opinions about the impact of the upcoming Grayscale Bitcoin Trust (GBTC) unlock.
About 40,000 BTC worth more than $1.32 billion will be unlocked from the Grayscale Bitcoin Trust this month, and analysts at JP Morgan have predicted that it could be a bearish catalyst since it gives holders a chance to sell their shares.
Investors who buy GBTC shares have to wait for a six-month lock-in period before they can sell their holdings.
Celsius Network chief executive Alex Mashinsky also predicts funds that want to capture price differences in the market (arbitrage opportunities) will short Bitcoin and purchase GBTC shares at a high discount. According to the head of the crypto lending platform, the net result is $5 billion worth of sell pressure, which could drive Bitcoin below $30,000.
However, Bankman-Fried tells his 217,100 Twitter followers that the unlocked GBTC shares likely won’t have an impact on Bitcoin’s