When the whole world is saying something is going to happen, it doesn't happen. Yes, I am talking about Bitcoin! Do you remember the Bitcoin crash on May 19 this year? Nobody predicted that Bitcoin was going down. Nobody was saying that - Oh my God! Bitcoin is going to crash like a stone!
Maybe Elon Musk started it, then the China Fud, and it crashed like crazy, but nobody was talking about it. And the death cross, everyone was talking about it. People were panicked that Bitcoin price may go near $10000, and what happened? Pretty much nothing!
You heard that Ethereum EIP 1559 is coming on July 14! Probably nothing will happen to the price on that day. Maybe it will happen before that date or after that date. But on that date when everyone has big expectations, perhaps nothing will happen. That's how the real world works!
*[Source](https://coingape.com/institutional-buying-grayscale-bitcoin-trust-gbtc-buys-another-16000-btc-worth-590-million/)*
For the people who don't know yet, Greyscale's big GBtc is unlocking on July 17. They have 16000 BTC worth of GBTC shares in their wallet. Could this dump the market?
Basically, if you buy GBTC or any Grayscale product directly from Grayscale as an accredited investor (I think the minimum purchase is $50,000), they create those shares for you have to hold them for six months. All the rest of the trusts one year before you can sell it on over the counter market. This is why accredited investors don't buy at the nav price (native asset value) and sell at the premium right away. They have to wait six months.
So, we're approaching a six-month unlock, and one thing that's interesting to keep in mind is that Grayscale stopped private placement on Bitcoin trust and Ethereum trust since February. It means that no new investors and no new shares of GBTC are being created. From February to June, it's been five months that GBTC placement is off and there will be no unlock is going to happen after this July because nobody purchased it from February 2021.
Well, why I think that market won't be bearish even after bit Grayscale unlock? I told you the main reason at the beginning of this article. When n the world says don't buy it, you should definitely buy it. Sad but true, this is how the market works now. On the other hand, Grayscale share value is low, so if the investors think about dumping after unlocking, they have to accept a financial loss. And I don't think investors will sell their shares at a loss; they will at least wait for the break-even.
Liquidating GBTC shares when the market price has dipped below the NAV brings losses. So if investors decide to dump their GBTC holdings, they would have to do so for a financial casualty. That is because the share has been trading at a discount, i.e., under its NAV, since February 24, 2021. - Cointelegraph
The other news is JP Morgan predicts that unlocking GBTC shares can lead BTC price to below $25,000! Who is JP Morgan? I know you all are aware of this financial institution. You probably don't know that JP Morgan is one of the biggest stock and crypto market manipulators in the world. They brought market manipulation to another level!
After unlocking, there'll be two impacts immediately - either bullish or bearish! In my opinion, it will be bullish! When JP Morgan is bearish in the market, I am bullish! Rather than it's going to be a big disaster day, it will be a bullish day. One thing I am confident that Bitcoin is already in dip, and all the banks and big institutions are buying now; they are not selling.
Honestly, there gonna be little impact (not that big to worry about) as this Grayscale drama is a little bit complicated for general investors. Some of them may believe what big institutional Fudders like JP Morgan are predicting about Bitcoin. Some of them may sell BTC. But at the end of the day, JP Morgan does everything for their own interest. They are targetting general folks in the market to remain bearish with them.
After all these institutional shorting and drama, the good news is that we will see a super bullish market in the upcoming August to maybe the rest of the year. One reason is, after July, there won't be any more Grayscale unlocking. And the second reason is, after all these big FUDs and manipulation, I don't think more FUDs are coming. Maybe we will see what everyone predicted at the beginning of 2021 - BTC to $100,000!
Return from Grayscale will Unlock 16,000 BTC in July - Should We be Worried? to pitboy's Web3 Blog
