{"id":628484,"date":"2024-07-09T05:00:32","date_gmt":"2024-07-09T05:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=628484"},"modified":"2024-07-08T19:47:55","modified_gmt":"2024-07-08T19:47:55","slug":"massive-mt-gox-bitcoin-shift-unlikely-to-disrupt-prices-says-cryptoquant-ceo","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/massive-mt-gox-bitcoin-shift-unlikely-to-disrupt-prices-says-cryptoquant-ceo\/","title":{"rendered":"Massive Mt. Gox Bitcoin Shift Unlikely To Disrupt Prices, Says CryptoQuant CEO"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Recent developments surrounding the repayment of creditors and investors of the defunct Bitcoin (BTC) exchange, Mt. Gox, have sparked concerns about potential effects on Bitcoin&#8217;s price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As the market retraced over 20% from its <\/span><a href=\"https:\/\/wncen.com\/news\/ethereum-goes-budget-friendly-transaction-fees-drop-to-lowest-since-2016\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">three-month high<\/span><\/a><span style=\"font-weight: 400\"> above $70,000, the movement of 47,000 BTC to repay creditors has raised questions about the market&#8217;s stability.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, industry experts, including CryptoQuant CEO Ki Young Ju and Alex Thorn, head of research at Galaxy Digital, have offered insights into this development, suggesting that the impact on BTC&#8217;s price may be less significant than initially feared.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Internal Transfers, OTC, And Brokerage Services Examined<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Ki Young Ju, in an <\/span><a href=\"https:\/\/x.com\/ki_young_ju\/status\/09682150\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">analysis <\/span><\/a><span style=\"font-weight: 400\">shared on social media, outlined three possible scenarios for the BTC transactions related to creditor repayment.\u00a0 <\/span><span style=\"font-weight: 400\">Firstly, an internal transfer could have taken place to increase security by changing wallets. Secondly, an over-the-counter (OTC) deal may have been executed specifically not to impact the market price.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-ico-project-to-blame-eth-price-slump\/\" target=\"_blank\" rel=\"noopener \">Is This Ethereum ICO Project To Blame For ETH\u2019s Price Slump?<\/a><\/div>\n<p><span style=\"font-weight: 400\">In a third scenario, a brokerage service may have been used, possibly involving the sale of the BTC after it bypassed broker wallets and exchanges.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ju mentioned that 1.5K BTC went to Bitbank, Japan&#8217;s largest <a href=\"https:\/\/wncen.com\/news\/bitcoin\/is-the-bitcoin-bottom-in-price\/\" target=\"_blank\" rel=\"noopener \">crypto exchange<\/a><\/span>. Still, no<span style=\"font-weight: 400\"> significant increase in trading volume was observed, indicating that it may not significantly impact the market. According to Ju&#8217;s analysis:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">If scenario 3 applies, 94K BTC is available for sell-side liquidity, but selling this much BTC without on-chain movement is unlikely. If it&#8217;s OTC selling, we&#8217;re in the clear.<\/span><\/p><\/blockquote>\n<h2><span style=\"font-weight: 400\">Holding Bitcoin Over USD Payouts?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Alex Thorn of Galaxy Digital offered additional <\/span><a href=\"https:\/\/x.com\/intangiblecoins\/status\/52284916\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">insight <\/span><\/a><span style=\"font-weight: 400\">into the Mt. Gox creditor dynamics and their potential impact on the market, noting that fewer coins may be distributed than originally anticipated, which could result in less selling pressure on Bitcoin than the market expects.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Thorn noted that the majority of creditors are long-term Bitcoin enthusiasts with a &#8220;deep understanding&#8221; of the technology, for which he believes their desire to reclaim their coins rather than accept a <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-to-hit-new-heights-analyst-predicts-10x-growth\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">USD-denominated payout<\/span><\/a><span style=\"font-weight: 400\"> indicates a strong preference for holding onto their Bitcoin, which would not contribute to an expected sell-off.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-mining-difficulty-5-crash\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?<\/a><\/div>\n<p><span style=\"font-weight: 400\">In addition, Thorn explained that the significant capital gains implications of selling BTC may discourage creditors from liquidating their holdings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the relatively low recovery rate, Thorn believes the 140x appreciation since bankruptcy offers significant value to creditors who may choose to hold on to their coins and expect further <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-extreme-greed-what-it-means-for-bottom\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">price appreciation<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/CcxrjfdI\/\" alt=\"Bitcoin\" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows that BTC&#8217;s price is trending downward. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, the leading cryp<\/span><span style=\"font-weight: 400\">tocurrency in the market is being traded at $56,300. This reflects a decrease of over 1.5% within the past 24 hours and a decline of nearly 20% over the month.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ultimately, it remains to be seen how the Mt. Gox drama will unfold and how it will or will not affect the Bitcoin price after more than 10 years of waiting for creditors to receive their payments.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recent developments surrounding the repayment of creditors and investors of the defunct Bitcoin (BTC) exchange, Mt. Gox, have sparked concerns about potential effects on Bitcoin&#8217;s price.\u00a0 As the market retraced over 20% from its three-month high above $70,000, the movement of 47,000 BTC to repay creditors has raised questions about the market&#8217;s stability.\u00a0 However, industry experts, including CryptoQuant CEO Ki Young Ju and Alex Thorn, head of research at Galaxy Digital, have offered insights into this development, suggesting that the impact on BTC&#8217;s price may be less significant than initially feared. Internal Transfers, OTC, And Brokerage Services Examined Ki Young Ju, in an analysis shared on social media, outlined three possible scenarios for the BTC transactions related to creditor repayment.\u00a0 Firstly, an internal transfer could have taken place to increase security by changing wallets. Secondly, an over-the-counter (OTC) deal may have been executed specifically not to impact the market price.\u00a0 Related Reading: Is This Ethereum ICO Project To Blame For ETH\u2019s Price Slump? In a third scenario, a brokerage service may have been used, possibly involving the sale of the BTC after it bypassed broker wallets and exchanges.\u00a0 Ju mentioned that 1.5K BTC went to Bitbank, Japan&#8217;s largest crypto exchange. Still, no significant increase in trading volume was observed, indicating that it may not significantly impact the market. According to Ju&#8217;s analysis: If scenario 3 applies, 94K BTC is available for sell-side liquidity, but selling this much BTC without on-chain movement is unlikely. If it&#8217;s OTC selling, we&#8217;re in the clear. Holding Bitcoin Over USD Payouts?\u00a0 Alex Thorn of Galaxy Digital offered additional insight into the Mt. Gox creditor dynamics and their potential impact on the market, noting that fewer coins may be distributed than originally anticipated, which could result in less selling pressure on Bitcoin than the market expects.\u00a0 Thorn noted that the majority of creditors are long-term Bitcoin enthusiasts with a &#8220;deep understanding&#8221; of the technology, for which he believes their desire to reclaim their coins rather than accept a USD-denominated payout indicates a strong preference for holding onto their Bitcoin, which would not contribute to an expected sell-off.\u00a0 Related Reading: Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next? In addition, Thorn explained that the significant capital gains implications of selling BTC may discourage creditors from liquidating their holdings.\u00a0 Despite the relatively low recovery rate, Thorn believes the 140x appreciation since bankruptcy offers significant value to creditors who may choose to hold on to their coins and expect further price appreciation.\u00a0 At the time of writing, the leading cryptocurrency in the market is being traded at $56,300. This reflects a decrease of over 1.5% within the past 24 hours and a decline of nearly 20% over the month. Ultimately, it remains to be seen how the Mt. Gox drama will unfold and how it will or will not affect the Bitcoin price after more than 10 years of waiting for creditors to receive their payments. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":626185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,656,679,7756,755,1119,1122,1144,8390,78790,5582,91323,90990,86760],"class_list":["post-628484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-signals","tag-bitcoin-technical-analysis","tag-btc","tag-btc-price","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-mt-gox-bankruptcy","tag-mt-gox-coins","tag-mt-gox-news","tag-mt-gox-repayment"],"acf":[],"yoast_head":"\n<title>Massive Mt. 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