Sale of Grayscale shares in July could crash BTC rate to $ 25,000

• In July, 140,000 BTC GBTC shares will be unfrozen.
• Investors are likely to sell shares on the secondary marketmarket.
• This will have an impact on both the price of GBTC and the Bitcoin market as a whole.

JPMorgan analysts, led by Nikolaos Panigirtzoglou, have released a new report expressing concerns about Bitcoin's pricing.

According to JPMorgan, the unfreezing of Grayscale Bitcoin Trust (GBTC) shares could bring the price of Bitcoin down to $25,000.

"Sale of GBTC shares after coming out of the six-month freeze becomes an additional obstacle for bitcoin",” the analysts wrote.

Grayscale Bitcoin Trust (GBTC) is a fundwhich allows investors to access bitcoin through traditional financial instruments (stocks). The investor can give the manager fiat currency or bitcoins, in exchange for receiving the fund's shares. With all the funds, the trust manager buys bitcoins and keeps them at home.

Grayscale currently has 654600 BTC. Thus, investors buy bitcoins through a share in the fund - shares. There is only one peculiarity: they cannot get their invested funds back. They have the option of selling shares on the secondary market.

There is another feature of the Grayscale bitcoin fund -shares become available for sale on the secondary market only six months after investment in the fund.

The Grayscale trust received particularly broadpopularity just about six months ago. In December, $2 billion was invested in the fund, in January - $1.7 billion. Investor shares, accordingly, will be unfrozen in June and July 2021.

As CoinShares chief strategist Meltem Demirors reported, the January tranche will unlock 140,000 BTC worth of shares.

Once investors receive shares, they can sell them on the secondary market. According to JPMorgan, this will have an impact on the Bitcoin market, not just GBTC shares.

It is also worth noting thatinvestors can sell GBTC shares and use the proceeds from this operation for reinvestment. That is, they will buy Bitcoin on the market and invest it again in the Grayscale fund.

As a reminder, until February, GBTC shares were trading steadily at a premium that reached double digits. However, then the premium became negative and continues to be so to this day.

Where is it more profitable to buy and sell 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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