A release of funds from lock-up traditionally heralds the start of price upside and ends consolidatory phases, data shows.
Bitcoin (BTC) may have traded sideways for much of last month thanks to Grayscale, but the status quo will soon change.
According to data from on-chain analytics resource CryptoQuant, the price premium of the Grayscale Bitcoin Trust (GBTC) just hit its lowest since April 2019.
Grayscale lock-up ends Wednesday
Grayscale has made the headlines frequently this year thanks to record BTC purchases and record demand, but despite the inflows, BTC/USD has not continued to gain.
As February begins, the Trust’s purchase premium is at around $6.50, having previously been as high as $40 over the course of its existence.