The Crypto Express 18.07.2021 23:37:57
There is a lot of misinformation about the Grayscale unlock. You have read many times that Grayscale unlock will dump BTC on market price and increase the selling pressure. Grayscale unlock the GBTC share that is purchased by the investors 6 months back. The GBTC shares are nor redeemable means the investors can't redeem their GBTC share to BTC.
At no time can you sell your shares back to Grayscale and have your capital returned. It doesn’t matter if you funded with BTC, USD or any other currency. The FUD that investors are going to sell their GBTC holdings and somehow flood the market with bitcoin is false.
If you want bitcoin for GBTC you must sell the shares in the secondary market for a cash equivalent then turn around and buy bitcoin with the cash in hand. In doing so the demand for bitcoin increases which adds upward pressure to the price! Regardless, if the whole point after the 6 month lock is to trade back into cash then the trade to bitcoin won’t happen. Thus, there is zero effect on the bitcoin spot market.