Largest Grayscale unlocking is today. Second largest comes the day after tomorrow. A few more days of this relentless ball grating, guys. We're not all titanium trained Bawbs, but I'm sure we can all manage. Chin up!
As far as I know this is related to the internal, i.e. secondary Grayscale market. Grayscale is selling to the spot market only up to 2% yearly for the fees.
Yep, I don't uderstand the fear with this. If the sell the premium goes further negative, so what. Hell, some of the dollars from those sales may go back into BTC, and if the were playing the premium maybe they have shorts to close at the same time.
I'm not saying its bullish, especially with market sentiment right now, but it certainly isn't some kind of massive bearish event.
The more negative the premium becomes, the more interesting it becomes to arbitrage the price difference by buying GBTC and selling BTC spot on exchanges. This thus gives a sell pressure on the normal BTC market.
Of course, there are some uncertainties in this play (when does GBTC change into an ETF with lower fees and the ability to convert GBTC back into actual BTC etc.), but the more negative it goes, the more reasonable the risk/reward becomes.