Bitcoin

Arkham

<p><a href="https://www.newsbtc.com/news/bitcoin-mt-gox-starts-200000-btc/" rel="nofollow noopener" target="_blank">Defunct crypto exchange Mt. Gox’s</a> recent Bitcoin transfers have continued to cause concerns for the crypto community, considering the amount of selling pressure they could place on the flagship crypto. However, <a href="https://bitcoinist.com/grayscale-selling-cryptoquant-disclosures-on-chain/">Cryptoquant’s founder, Ki Young Ju</a>, has helped to ease these concerns, recently explaining why these transactions might not affect the market.&nbsp;</p> 
<h2 id="why-mt-gox-s-47-000-btc-move-won-t-affect-bitcoin-s-price">Why Mt Gox’s 47,000 BTC Move Won’t Affect Bitcoin’s Price</h2> 
<p>In an X (formerly Twitter) <a href="https://x.com/ki_young_ju/status/1810367213309682150" rel="nofollow" target="_blank">post</a>, Ki Young Ju outlined three possible scenarios for Mt Gox’s Bitcoin transactions to explain why it won’t affect its price. First, he stated that these <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-further-crash-to-47000/" rel="nofollow noopener" target="_blank">Bitcoin transactions</a> may have simply been an internal transfer, with the defunct crypto exchange switching wallets for security reasons.&nbsp;</p> 
<p>Secondly, he mentioned that the transaction might have been an over-the-counter (OTC) deal, with such trades designed not to affect market price. Given the magnitude of Mt Gox’s Bitcoin holdings, this also seems feasible since the crypto exchange will be looking to <a href="https://bitcoinist.com/mt-gox-repayments-creditors-receive-full-btc-and-bch-amount-but-investors-worry/">facilitate repayments</a> without their actions having severe impacts on the market.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-309327" src="https://bitcoinist.com/wp-content/uploads/2024/07/Mt.-Gox-Bitcoin.png?w=512&amp;resize=512%2C288" alt="Mt. Gox Bitcoin" width="512" height="288" data-recalc-dims="1"> 
<p>For the third scenario, Ki Young Ju mentioned that Mt. Gox might have used a brokerage service after the sale was finalized since these bitcoins didn’t pass through brokers’ wallets or exchanges. Meanwhile, the <a href="https://bitcoinist.com/bitcoin-data-ceo-analyze-impact-of-government-sales/">Cryptoquant founder</a> also alluded to the fact that 1,500 BTC was sent to Bitbank, but there was still no significant surge in trading volume, which suggests that Mt. Gox sales are unlikely to affect the market.&nbsp;</p> 
<p>However, he admitted that 1,500 BTC is a relatively small amount, which may have explained the lack of a notable surge in trading volume. Ki Young Ju noted that 94,000 BTC is available for sell-side liquidity if scenario 3 applies. However, he seemed confident that this was unlikely to be the case, as he mentioned that it is impossible to sell this much BTC without on-chain movement. Meanwhile, he added that an <a href="https://bitcoinist.com/bitcoin-otc-trading-volume-accumulating/">OTC trade</a> means that the market is in the clear.&nbsp;</p> 
<h2 id="another-entity-to-still-be-concerned-about">Another Entity To Still Be Concerned About</h2> 
<p>While Ki Young Ju’s analysis suggests that Mt. Gox’s transactions are unlikely to affect the market, the <a href="https://bitcoinist.com/why-the-us-and-german-government-selling-bitcoin-isnt-a-big-deal/">Geman government</a> is another entity to be concerned about. They have been offloading their Bitcoin holdings since last month, and recent on-chain data suggests that they might not be slowing down anytime soon.&nbsp;</p> 
<p>On-chain analytics platform <a href="https://bitcoinist.com/multiple-bitcoin-etf-addresses-disclosed/">Arkham Intelligence</a> <a href="https://x.com/ArkhamIntel/status/1810331451348386106" rel="nofollow" target="_blank">revealed</a> that the <a href="https://www.newsbtc.com/bitcoin-news/german-governments-bitcoin-dump-surpasses-195m-as-selling-spree-persists/" rel="nofollow noopener" target="_blank">German government </a>sent over 13,000 BTC to various crypto exchanges and makers on July 8, including Coinbase, Kraken, and Bitstamp. Despite these transfers, the German government still <a href="https://www.newsbtc.com/bitcoin-news/german-governments-bitcoin-dump-surpasses-195m-as-selling-spree-persists/" rel="nofollow noopener" target="_blank">holds</a> over 27,000 BTC ($1).57 billion). This is something to keep an eye on, especially if they still plan to offload a significant amount of their <a href="https://bitcoinist.com/german-govt-continues-to-offload-bitcoin-holdings/">remaining holdings</a>.&nbsp;</p> 
<p>At the time of writing, Bitcoin is trading at around $57,500, up over 3% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank">data</a> from CoinMarketCap.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/9Gy9O8Kl/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1578">

Cryptoquant Founder Explains Why Mt. Gox’s 47,000 BTC Move Won’t Affect Price

目录

Bitcoinist

发布于 2024年7月9日的其他文章

2 Celebrity Crypto Like Lionel Messi’s Water You Should Buy

BTC Price Fluctuations Impact Altcoins

Nigerium: Inside NITDA’s plan to build Nigeria’s indigenous blockchain network

Breaking: Invesco Galaxy Reveals Fee For Spot Ethereum ETF In S-1 Amendment

Can the BTC Bulls Overpower Bears to Break Above $58K?

Increase In Power Fees Drives Bitcoin Mining Firms From Paraguay To Argentina

订阅我们免费的电子期刊，获取每日最新加密领域动态！