Bitcoin (BTC) is rebounding despite the ongoing Grayscale Bitcoin Trust (GBTC) unlocking events — and most shares are already released.
According to data from tracking resource Bybt, the remaining unlockings combined involve fewer shares than those which were released on just one day last weekend.
Putting an end to GBTC “FUD”
July 18 saw around 16,240 BTC worth of GBTC shares end their six-month lock-up period. The largest such release in a single day, the event saw a hefty build-up, with arguments raging over its likely impact on the Bitcoin price.
Monday’s BTC price dip was timely when it came to GBTC, fitting a narrative that a sell-off would follow such large releases.
Even if that were true, Bitcoin hodlers now have a silver lining — unlockings are only scheduled until August 25, and the outstanding shares are fewer in number than Sunday’s tranche.
GBTC unlocking chart. Source: Bybt
In reality, however, supporting evidence for unlockings resulting in sell-offs is lacking. As various sources stress, Bitcoin