Galaxy Digital: BTC may be in range-bound state until November, as the US Presidential Election has a huge impact on investors

Alex Thorn, head of research at crypto asset manager Galaxy Digital, said that in addition to the early decline, another reason why August was so difficult was the oversupply of bitcoin, however, these oversupply issues are said to have now largely subsided or resolved. "Most of the bitcoins retained by the US government were seized from theft and are likely to be returned rather than sold, and the German government has completed the sale, which we believe came from Mt. With Gox's bitcoin estate largely distributed and all bankrupt companies having returned their usable tokens to creditors, the outlook for bitcoin looks bright from a supply perspective. The distribution of the estate of the defunct exchange FTX could be a positive catalyst, and we expect the repayment to commence within the next six months. "
Thorn added, "The distribution will provide a significant amount of cash to a group of creditors made up of known crypto investors who may consider reinvesting in the sector." According to Thorn, Bitcoin is likely to remain in a range-bound state until November, as the US Presidential Election has a huge impact on investors. He said a Trump victory could be a positive catalyst, while any negative impact from a Harris victory could be negligible. "I expect volatility in the market until we know more about rate cut expectations and the election."