Ethereum

2024

Bitcoin

<ul class="list-ic vertical">
 <li>1 <a>Mt. Gox anticipated repayment is expected to increase supply for BTC in the market leading to a price decline.</a></li>
 <li>2 <a>The option data presents a different perspective, showing higher level of open interest in the call option of strike $110,000 for BTC.</a></li>
 <li>3 <a>Ether is bullish, open interest and put call ratios data shows.</a></li>
</ul>
Mt. Gox, a popular crypto exchange based in Japan that was founded in 2010, had to cease its operations in 2014 because of the loss of Bitcoins in a scam.&nbsp;
The wallet has been found transferring over 140,000 BTC to an unknown address, triggering speculation in the market around the decrease in prices of <a href="https://www.thecoinrepublic.com/2024/05/28/mt-gox-transfers-9b-bitcoin-ignites-market-speculation/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>.
Wu Blockchain, highlighted that uncertainty about potential of the activities of Mt Gox of supplying Bitcoin to the market by October 31 could significantly impact Bitcoin prices. Moreover, it can further benefit Ether upon the launch of the ETH spot ETF.&nbsp;
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 QCP: Uncertainty about potential Mt Gox BTC supply hitting the market by October could hinder BTC, potentially benefiting ETH upon the launch of the ETH Spot ETF. The desk observes bullishness in ETH, with sizeable buyers of 4k/5k ETH Call Spreads for end June 2024.…— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1796117287612854639?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 30, 2024</a>
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Another X user, @Mark Karpeles, Minister of Technology at Joseon.com, also posted that everything is good with Mt. Gox, as the trustees of the exchange are just preparing for the upcoming distribution that is likely to happen by the end of this year. Most of the analysts expect Mt. Gox to complete the repayment by Q4 2024.&nbsp;
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 <blockquote class="twitter-tweet">
 As far as I know everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year, there is no imminent sale of bitcoins happening.— Mark Karpelès (@MagicalTux) <a href="https://twitter.com/MagicalTux/status/1795384525503222021?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 28, 2024</a>
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The current activity was not the actual repayment, it was just preparation for the event.
<h2 class="wp-block-heading" id="strong-btc-price-expectation-strong">BTC Price Expectation</h2>
The increased supply of Bitcoin in the market by October was a result of repayment activity from Mt. Gox to its creditors. The recent decline in the market after the recent supply from Mt. Gox further increases the probability of a decline in BTC next quarter.
Bitcoin has been trading in a consolidate price range for the last two weeks, trading approximately in the range of +/- $1000. The consolidation is expected to continue amid all the buzz around the approval of ETH ETF.&nbsp;
However, the option data on BTC also expects a bullish trend in the coming month. It will be quite interesting to observe how the market for BTC unfolds.
<h3 class="wp-block-heading" id="strong-bullish-overview-for-ethereum-strong">Bullish Overview for Ethereum</h3>
There is high bullish sentiment for Ethereum prices in the coming months amid the ongoing approval of spot ETH ETFs in the USA. The expected decline in BTC prices due to repayment from Mt. Gox might also boost the price of ETH.
The bullish overview for Ethereum is confirmed by the highest open interest for the call options around the strike price of $4000 and $5000 as per the data from the Deribit exchange.
<div class="wp-block-image">
 <figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="917" height="657" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-384.png" alt="Mt. Gox" class="wp-image-207373" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-384.png 917w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-384-300x215.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-384-768x550.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-384-120x86.png 120w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-384-350x250.png 350w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-384-750x537.png 750w" sizes="(max-width: 917px) 100vw, 917px">
 </figure>
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Source: Deribit Exchange
The highest call expiry is scheduled for the June 28 monthly expiry. The current put call ratio of 0.61 also confirms an upcoming bullish trend in the market.

Mt. Gox Activities Expected to Push Down the BTC Prices

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