Bitcoin

Arkham

Spot

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-reduce-risks-prompting-btc-drop/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investors Reduce Risks Prompting BTC Drop</a><br></p>
<p style="text-align: justify">The Spot ETH ETF launch is nearing completion with significant volume, expected to surpass the daily $1 billion mark. However, <a href="https://en.coin-turk.com/bitcoin-no-longer-a-passing-fancy-asserts-grayscale-ceo-michael-sonnenshein/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> remains below $66,000 and ETH fails to hold $3,500. Why are BTC and altcoins dropping? What caused the decline in cryptocurrencies this time? Here are the details.</p>
<h2 style="text-align: justify" id="why-did-cryptocurrencies-drop">Why Did Cryptocurrencies Drop?</h2>
<p style="text-align: justify">Of course, all cryptocurrencies turned red due to BTC losing over $1,400 in just two hours. Today’s drop is again due to concerns about excess BTC supply. MTGOX announced it would return over 140,000 BTC to creditors starting this month.</p>
<p style="text-align: justify">According to creditor posts on Reddit, X, and Telegram, refunds are being processed through the Kraken exchange. Additionally, MTGOX moved another 47,500 BTC to different addresses today. Creditors holding billions of dollars face a tempting selling opportunity with over 200 times profit at the current price.</p>
<p style="text-align: justify"><img fetchpriority="high" decoding="async" class=" wp-image-373259 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/kraken-mtgox.jpg" alt="" width="430" height="395"></p>
<p style="text-align: justify">Investors, fearing that those receiving refunds would quickly sell, acted early to reduce their risks, leading to a BTC drop. Moreover, this is not the only issue. The US government moved $4 million worth of BTC to Coinbase Prime, signaling a potential new sale. The US holds billions of dollars worth of BTC seized in various incidents.</p>
<p style="text-align: justify"><img decoding="async" class="size-full wp-image-373260 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/mtgox-varliklari.png" alt="" width="698" height="811"></p>
<p style="text-align: justify">According to Arkham <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a>, MTGOX still holds 85,234 BTC. Most refunds are expected to be completed within the next two weeks. The extent of users not meeting the conditions remains a curiosity.</p>
<h2 style="text-align: justify" id="large-bitcoin-short-fund">Large Bitcoin Short Fund</h2>
<p style="text-align: justify">CSOP Asset Management, one of China’s largest asset managers, wants to launch a new ETF for those wishing to short BTC. This could lead to more capital flowing into short products, causing <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a> to panic and sell. This was one of the reasons for the drop.</p>
<h2 style="text-align: justify" id="what-happens-now">What Happens Now?</h2>
<p style="text-align: justify">MTGOX refunds were bound to happen someday, and after multiple delays, they began during a highly anticipated bullish period for crypto. Looking at the bright side, we don’t see massive drops in price while the rise is being suppressed. In the medium to long term, the resolution of such a significant issue should be viewed positively for the markets.</p>
<p style="text-align: justify">Once the refunds are completed, one of crypto’s biggest issues will be resolved, and as seen in the BTC ETF example, we will likely see a delayed rally period with pre-established conditions for a rise. Or maybe we won’t; crypto is always full of surprises.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/investors-reduce-risks-prompting-btc-drop/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investors Reduce Risks Prompting BTC Drop</a></h5>

Investors Reduce Risks Prompting BTC Drop

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