A fund release from the traditional lock up has kick-started the beginning of the price surge as well as the conclusion of consolidatory phases, as reported by various data. Bitcoin might have been trading sideways for most of the time in the past month. The credit for this goes to Grayscale.
On the other hand, their status quo might be changing soon enough.
Grayscale Lock-Up Concludes Wednesday
Grayscale has been grabbing the headlines very often in this year of 2021 owing to the record of Bitcoin purchases along with the record demand that they have been registering. However, despite the BTC/USD inflow, they have not been able to continue their gains for a long time.
With the beginning of February 2021, the purchase premium of Trust is at present almost $6.50 with the previous high of around $40 since the time it had begun its journey. Historically this coincides with the winding price direction. Meanwhile, large premiums are almost equal to large upside actions for BTC.
During the end of the month of December 2020, a sincere article of Hackernoon, which is a technology magazine had explained the activity as something being related to the issuance of the GBTC share that has been dependent on the customary lock-up.
If Grayscale releases it once, BTC might be able to surge at an exponential pace while the customers keep their profits back in BTC. Meanwhile, the time before these events happened at the same time of the lack of price action.
In the meantime, Grayscale continues to grow its offerings while the institutional interest indicates no signs of reducing for BTC or other altcoins.
