Cryptocurrency exchange Kraken joins the ranks of analysts expressing doubts about the scalenegative impact of the upcoming unblocking of a large volume of shares of the Grayscale trust on bitcoin.
Grayscale Bitcoin Trust allowsinstitutional investors get access to the cryptocurrency market through their shares and currently contains 654,600 BTC or 3% of the total issued coins. Institutional investors can invest in a trust at net asset value for the subsequent resale of shares in the secondary market at a premium, but must wait six months before the securities are released to them for free disposal. Many Grayscale clients invested in the trust at the beginning of this year, so the waiting period for them will soon be over.
Since then, the premium on the shares of the trustGrayscale went into a discount that most crypto investors could not have foreseen. Earlier, JPMorgan analysts wrote in their report that a large volume of new securities entering the market could result in "negative pressure on GBTC share prices and the bitcoin market as a whole."
Kraken Intelligence calculated that shares worth about 40,000 BTC, or $ 1.36 billion, are subject to unblocking in July.
“Despite the unblocking of 40,000 BTC in sharesGBTC in July, market structure suggests this event will not have a meaningful impact on the bitcoin spot market for the foreseeable future, if at all, as some have stated. ", - the exchange writes.
According to regulatory reporting, mostThe shares to be unblocked in July are owned by major investors. Kraken notes that such investors "presumably purchased GBTC shares with bitcoin in order to benefit from the premium relative to net worth."
“Were the GBTC buyers part of the market,hedging a buy by selling BTC, or new, natural buyers will ultimately likely determine the scale, if any, impact on cryptocurrency from the sale of GBTC shares. ", - the report says.
JPMorgan strategist Nikolaos Panigirtzoglu wrote last month that the unblocking of GBTC shares carries risks of further decline in Bitcoin.
"Selling GBTC shares after a six-month wait period in June and July emerged as an additional hurdle for Bitcoin."- he declared.
Amber Group analysts previously, on the contrary,argued that GBTC shares could have a positive impact on bitcoin if investors borrowed cryptocurrency and now buy it on the spot market to pay off creditors.
Where is it more profitable to buy bitcoin? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.
The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.
Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?
Rating of cryptocurrency exchanges:
| # | Exchange: | Website: | Rating: |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | Bybit | https://bybit.com | 7.5 |
| 3 | OKEx | https://okex.com | 7.1 |
| 4 | Exmo | https://exmo.me | 6.9 |
| 5 | Huobi | https://huobi.com | 6.5 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
- Feedback and support– we analyze user reviews and the quality of technical support.
- Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- Platform Features– availability of additional features — futures, options, staking, etc.
- final grade– the average number of points for all indicators determines the place in the ranking.
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