Ki Young Ju, founder of CryptoQuant, wrote: Mt. Gox is preparing to distribute bitcoin to creditors. Large outflows indicate that retail investors have not yet received funds. When that happens, CryptoQuant will confirm with on-chain data. Unlike the German government sale, Mt. Gox's creditors are not forced to sell, so this is not pure seller liquidity.
Crypto analyst Alex Krüger estimates that this would send the bitcoin price down by up to 10%, even if an immediate sell-off occurs. I believe this allocation will not end the bullish trend, as these bitcoins are expected to respond to market sentiment as much as the existing supply.
Analysis: Mt. Gox Payout Event Won't End Bitcoin Bullish Trend
2024-07-16 15:49:34
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