Grayscale Share Sales Will Likely Become A Fresh Source Of Selling Pressure On Bitcoin: JPMorgan

Grayscale Share Sales Will Likely Become A Fresh Source Of Selling Pressure On Bitcoin: JPMorgan
фото показано с : zycrypto.com

2021-6-25 18:04

A possible sale of shares in the Grayscale Bitcoin Trust expected between June and July is likely to cause more selling pressure on Bitcoin price. The sale will happen after the expiry of the 6-month lockup period required before investors can sell shares in a secondary market. Investors can sell the shares for profit in the open market after the term expires.

JPMorgan Chase & Co. strategists spoke Wednesday about this possible upcoming event asserting that they are opposed to dropping their negative outlook on Bitcoin and the crypto market in general despite recent price action. They said their position regarding Bitcoin price is guided by this possible upcoming pressure on price and recent sell-offs.

The bank published a survey Tuesday showing that one in three investors considered Bitcoin as “rat poison” and 16% regarded it as a “temporal fad.” According to two bank strategists involved in the survey, Marko Kolanovic and Dubravko Lakos-Brujas, 81% of investors expect tight regulations of cryptocurrencies.

The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that allows investors to open brokerage accounts and purchase or sell shares through the accounts. The investors can buy shares directly at the market value, in daily placement, and then wait for the 6 months lockup period before selling in the secondary market.

The trust is the largest U.S.-based investment vehicle for buying Bitcoin through a stock exchange. The fund now does financial reporting to SEC since the start of this year. GBTC has continued to grow in popularity and held as much as 654,885 Bitcoin in custody as of April.

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bitcoin shares grayscale investors sell sale likely

Источник: zycrypto.com

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