Bitcoin update – Week 24 A new bitcoin update after a week of | House Of Chimera

Bitcoin update – Week 24
A new bitcoin update after a week of absence because of Covid19!

GBTC
On the 20th of June, there will be a unlock of 12,200 GBTC. The GBTC stocks will be able to enter the OTCQX market and be available for trading. Therefore, short-term pressure on the price of BTC can lead it into a downtrend. However, this is mainly priced in by now and most likely the price will pump afterward. Another unlock will happen on the 21 and 22nd. In total GBTC shares of 23,298 Bitcoins will be unlocked this week. The next unlock will happen on the 12th to 14th of July but a much smaller scale.

Exchange Net position change reversal
The exchange net position change shows the 30d change of the supply held in exchange wallets. In general, if the exchange net position change is positive, this means that investors are sending their Bitcoin to exchanges to liquidate their assets to stable coins. The exchange net position change was positive for over a month, with the peak on the 20th of May. However, the trend has reversed on the 16th of June by turning negative therefore implying that investors are not sending their bitcoins to exchanges anymore.

Shorts vs Longs
There was an interesting short build-up on the 6th of June until the 19th of June, with a whale betting against bitcoin by building up a lot of shorts. As shown in the graph, the overall shorts went up from ~1,385 BTC to over 22,000 BTC in just 13 days. However, an interesting observation can be made. The overall shorts are rapidly decreasing by 5,000 BTC in just a day. It could mean that the whale that was building up shorts is closing his exposure in fear of a short squeeze.

Miners
The mining hash rate is decreasing – considering Chinese miners are forced to close shop by today. Therefore, it is expected that the hash rate will go lower. However, this is temporary as we see that Chinese miners are moving their businesses to other countries such as the US. The re-distribution of hash rate power can be a unique chance for the bitcoin network to ensure decentralization and enable new investments in crypto-friendly countries.
There are no indications that miners are selling their bitcoins at the moment to cover the expenses to relocate their businesses.

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