Bitcoin (BTC) investment vehicle the Grayscale Bitcoin Trust (GBTC) completed its share unlockings this week, ending a major talking point both inside and outside crypto.
Data from monitoring resource Bybt confirms that as of Thursday, no more unlockings are scheduled.
Bitcoin ignores another FUD story
Throughout 2021, unlocking events at GBTC continued and was once the center point for bearish BTC prices predictions.
Some feared that selling pressure might explode and send sentiment plummeting, with the equivalent of tens to thousands of BTC being released at once.
This never occurred, and as Cointelegraph reported, there was little logic in the fear from the outset, as Grayscale itself does not allow clients to cash in shares for Bitcoin.
Wednesday was the last unlocking date. It involved only 58 BTC. The 16240 BTC was the largest single date, however, which occurred on July 18.
Grayscale’s bearish narrative ended with a whimper and not a bang. The 2022 series of unlockings will be the next.
“Remember last week when all the mainstream analysts predicted that the Grayscale unlock would result in billions of dollars in sales? Yeah, no,” statistician Willy Woo said last month when it was already clear that the market was not being moved by the events.
Morgan Stanley is big on GBTC
Data reveals that Morgan Stanley, a traditional bank giant, has joined forces with those who have made significant GBTC investments.
In filings with the United States Securities and Exchange Commission this week, the bank reported over 928,000 GBTC shares were owned by its Insight Fund alone.
It joins fellow bank JPMorgan Chase, along with the famously pro-Bitcoin Ark Invest, as recent buyers. GBTC continues to trade at a discount to Bitcoin’s spot price, with its shares 13.3% cheaper as of Thursday.
