Bitcoin (BTC) investment vehicle Grayscale Bitcoin Trust (GBTC) has completed unlocking its shares this week, ending a major talking point both inside and outside the cryptocurrency space.
The data from the Bybt monitoring resource that As of Thursday, there are no more scheduled unlocks.
Bitcoin gets rid of another FUD narrative
Unlock events at GBTC have continued throughout 2021 and, at one point, they were the focal point of bearish predictions about the price of BTC.
With the equivalent of tens of thousands of BTC unlocked at once, some feared the selling pressure would explode, causing bullish sentiment to fall.
This never happened and, as Cointelegraph reported, The fear made little sense from the beginning, as Grayscale itself does not allow customers to trade shares for Bitcoin.
On Wednesday, the latest unlock date, was the equivalent of just 58 BTC. The largest date, July 18, instead, accounted for 16,240 BTC.
In this way, the bearish narrative around Grayscale died away with a whisper rather than a bang. The next series of unlocks is not planned until 2022.
“Remember when all the traditional analysts said that unlocking Grayscale would unleash billions in sales this past week? Yes, it didn’t.” said last month statistician Willy Woo when it was already clear that the market was not moving in reaction to events.
Morgan Stanley bets big on GBTC
The culmination comes when the data reveals that Traditional banking giant Morgan Stanley has joined those with a sizeable investment in GBTC.
In the files of the United States Securities Commission this week, the bank reported that more than 928,000 GBTC shares were owned by his Insight Fund.
It joins fellow bank JPMorgan Chase, along with the famous Bitcoin-friendly Ark Invest, as recent buyers. GBTC continues to trade at a discount to Bitcoin’s spot price; its shares are 13.3% cheaper on Thursday.