Bitcoin, the world’s largest cryptocurrency, has shown strong volatility over the past few weeks.

This behavior will continue in July as well.

Currently, all eyes are on the opening of the shares of the Bitcoin investment fund, which is supervised by the company “Grayscale” and is known as “GBTC”.

The conquest was announced to be on July 18.

According to data on Bybt, on July 18, GBTC shares worth 4,1852.26 bitcoins will be opened.

Which means that this will be the largest one-day open for GBTC stocks in history.

Analysts expect this opening to lead to higher bitcoin price volatility ahead of this month.

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Over the past few weeks, the price of Bitcoin has been swinging in the $30,000 to $35,000 price range.

Earlier this week, Bitcoin made a short attempt to break above the $35,000 level, but failed to hold it.

Analysts split on the impact of the GBTC stock opening:

While cryptocurrency analysts have been seriously considering the impact of this opening on the Bitcoin price, there are currently mixed opinions on this matter.

Last month, JPMorgan strategists indicated that the opening of GBTC stocks could put more downward pressure on the bitcoin (BTC) price given the amount of bitcoin to be offered.

It is worth noting that JPMorgan analysts generally have a bearish view on the future price movement of BTC and expect Bitcoin to drop to $25,000 alongside the start of a long-term capitulation.

On the other hand, some cryptocurrency analysts have the opposite view.

Earlier in January 2021, GBTC shares were trading at around 20% premium to NAV.

Now, they are trading at a discount of over 8% on NAV according to the latest data from YCharts.

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Thus, analysts believe that with the recent opening, investors will not sell those shares at a discount.

This will help narrow the gap with the GBTC discount.

Last month, Katie Wood’s ARK Investment bought more than 1 million additional shares in GBTC.

The company now owns over 8 million GBTC shares in total.

As of Friday, July 2, GBTC shares closed at $28.58 per share.

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