Bitcoin undoubtedly the most popular cryptocurrency in the world. Currently the price of 1 BTC is about $29589. A few days ago it was between $32000 to $33000. BTC ever touched it’s maximum price up to $60000 in February & April 2021. But in July 2021 the price of BTC is dangerously going down. Experts are saying that 41000 grayscale Bitcoin has already unlocked in 18th July. This is one of the major reasons for decreasing the price of BTC. The net worth of 41000 grayscale BTC is $1.3 Billion.
The validity of grayscale Bitcoin was 6 months and it has expired. So these BTC has been unlocked. The biggest unlocked was done on 18th July. Although people are not talking so much regarding this matter but it is a matter of tension. The price may be down more.
What Is Grayscale Fund?
Grayscale Fund is a company by which people can invest to cryptocurrency indirectly. Basically the job of the Grayscale Fund is to provide facility of buying and selling Bitcoin through stocks. Ordinary people can buy share of Grayscale Fund instead of buying cryptocurrency. Grayscale Bitcoin Trust, Grayscale Ethereum Trust are examples of Grayscale Fund share. Investor need not to buy cryptocurrency and worry about saving. They just purchase various share from stock market.
Currently Grayscale has hold 654000 BTC which net worth is about $21 Billion. They have 3.11% of total supply of BTC.
Investor can buy share from Grayscale. After 6 months they can sell those share in the name of GBTC.
As USA didn’t approve BTC EFT so Grayscale Fund gained huge popularity among investors.
The price of BTC also went down before when this type of fund was unlocked. So experts predicted that the price of BTC may cross down the minimum support.