At press time, bitcoin was trading at $60,700, down more than 5% over the past 24 hours and at its weakest level since the beginning of May.
"We think fewer coins will be distributed than people think and that it will cause less bitcoin sell pressure than market expects," said Alex Thorn, head of research at Galaxy.
Thorn said his research suggests 75% of creditors will be taking the "early" payout in July, meaning a distribution of about 95,000 coins.
Thorn suggests the overwhelming majority of the partners in those funds are high net worth bitcoiners looking to build their stack at a discount, as opposed to arbs looking for a quick profitable trade.
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