With the date slated for Grayscale’s Bitcoin Trust (GBTC) unlocking drawing near, Grayscale loses $0.5 billion within the past 24 hours on its total crypto holdings. The total crypto asset under management previously stood at $29.5 billion.
This has happened at a time when the market is heavily unstable following the price crash in May. The market crash saw the price of flagship cryptocurrency, Bitcoin plummet rapidly from an ATH of $64k to $30k. Other cryptocurrencies also dropped by 50% during the crash.
GBTC to Unlock 16k BTC Next Month
Grayscale’s Bitcoin Trust is slated for the unlocking of about 16,000 BTC on July 19. In anticipation, experts at JPMorgan have predicted that the unlocking could trigger a selling pressure among investors.
A report issued by these experts indicated that the selling pressure could make the price of Bitcoin hit the $25k mark. Interestingly, the price of the top crypto asset is currently trading at the $31k region after climbing up to $35k from a correction at the beginning of the week.
Despite the bearish speculations by JPMorgan expert analysts, other analysts believe the BTC has bottomed out already. They argued that after hitting $28k, Bitcoin would go on a bull run. However, this week has seen it fluctuating. Grayscale’s Trust is the largest cryptocurrency trust and its total crypto holdings currently stand at $29.0 billion.
GrayScale Set to Add More Altcoins to Crypto Trust
Grayscale is considering adding more altcoins to its crypto assets trust. Its initial altcoins holdings consisted of Ethereum(ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC) and a few others. The trust plans to expand its altcoins holdings to include Polygon(MATIC), Internet Computer (ICP), Solana (SOL), and 1INCH.