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In the upcoming weeks, there will be large (16,000 BTC worth of GBTC shares) unlocks that will potentially rock the market.
is one certain thing, the digital asset market has been primarily flat and range-bound for the past few weeks due to Bitcoin’s price action.
With the GBTC unlock, many analysts are speculating that it will cause further downside on top of the .
This is because the current GBTC share price is trading at a discount to BTC spot price, meaning that there’s less demand from investors while supply goes up.
Demand goes down because of the negative price action ( BTC is down almost 50% from its ATH ); AND there are many avenues for investors, both retail and institutions to get into Bitcoin with the multiple Bitcoin ETF and ETP products all over the world, such as in Canada, Europe, and Asia.
Thes two forces combined causes a lot of selling pressure in the GBTC market, which is also affecting the BTC spot market due to trading desks arbitraging the opportunities away.