Mainstream Institutions, Grayscale and Selfwealth, Are Making Waves

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Following the joint suppression of the cryptocurrency market by various countries last week, and Binance being pressured by the United Kingdom, Italy, Poland, and other countries, the trend of the crypto market has fluctuated this week. The ones that have received the most attention these days are Grayscale and SelfWealth.

According to reports, Grayscale will unlock Grayscale Bitcoin Trust(GBTC) worth about 26,116 Bitcoins this week, and the current premium rate is -11%. GBTC will be unlocked in mid-July. According to the 6-month lock-up period, this batch of unlocking should have been purchased in January this year, after which GBTC turned into a negative premium, and there was basically no purchase volume. The selling pressure of GBTC is borne by the U.S. stock market. If there is a large negative premium, it will affect the diversion of some buying funds. This is indeed pressure on Bitcoin, but if the institution that buys and hoards GBTC drives a positive premium, it will instead Will promote the price of Bitcoin.

SelfWealth, an Australian Securities Exchange-listed (ASX) company and one of the country’s largest non-bank online brokers with 95,000 investors, is discussing with cryptocurrency exchanges to increase the functionality of trading crypto asset classes and plans to add as many as 10 cryptocurrencies by the end of the year. As a listed company on the Australian Securities Exchange and the largest non-bank online broker, this wave of operations also shows that traditional investors’ encryption needs have increased, and the number of users in the Bitcoin market has expanded, which has a boosting effect on the Bitcoin market.

The current Bitcoin market news is mixed, and the attitude of mainstream institutions is also ambiguous.