As Mt Gox Moves $9 Billion Bitcoin, CryptoQuant CEO Says Impact Of The Defunct Exchange On BTC Price Is ”Overestimated”

Mt. Gox moved over 140,000 Bitcoin (BTC) value round $9 billion in simply three hours on July 16 to spark panic amongst crypto merchants, however CryptoQuant CEO Ki Younger Ju says the Mt. Gox FUD (worry, uncertainty and doubt) is “overestimated.”

“Even when Mt. Gox’s $3B is offered on Kraken, it’s simply 1% of the realized cap improve on this bull cycle — manageable liquidity,” Ju wrote in a July 16 X submit.

Robust Demand For BTC Might Take up Potential Mt. Gox Selloff

In accordance with the CryptoQuant CEO, BTC’s market cap development at present outpaces its realized cap development to sign sturdy demand for the crypto. He additionally pointed to the truth that BTC’s worth is up 350% regardless of traders promoting $224 billion value of the flagship crypto since 2023.

Mt. Gox’s wallets nonetheless maintain 138.985K BTC value over $9 billion, in accordance with knowledge from Arkham Intelligence. The greenback worth of the trade’s holdings elevated greater than $343 million over the previous 24 hours after BTC’s worth climbed greater than 3% throughout the identical interval to commerce at $65,300.26 as of three:35 a.m. EST.

Crypto Investor Sentiment Underwent A Main Shift Over The Final Week

Even with the potential selloff by Mt. Gox collectors looming, crypto market sentiment stays constructive. The Crypto Worry and Greed Index has risen 4 factors since yesterday to 69 right now, indicating “Greed” out there. Investor sentiment has additionally shifted considerably during the last week, with the index dropping to twenty-eight simply 7 days in the past.

Everlasting holders, largely custodial wallets with no outflows, collected 85K #Bitcoin within the final 30 days.

These wallets are neither ETFs, exchanges, nor miners. Throughout the identical interval, 16K BTC flowed out of ETF holdings.

Whereas some panic promote, “the others” are shopping for. pic.twitter.com/t9oN6pVwST

— Ki Younger Ju (@ki_young_ju) July 10, 2024

Ju revealed that “everlasting holders,” who’re custodial wallets with no outflows, have collected 85K BTC all through the previous month whereas many traders panic offered. Throughout the identical interval, 16K BTC flowed out of ETF (exchange-traded fund) holdings as properly.

In the meantime, Galaxy Digital’s head of analysis, Alex Thorn, predicted that the anticipated draw back from the Mt. Gox repayments is decrease than many out there may anticipate.

“We predict fewer cash will likely be distributed than individuals suppose & that it’ll trigger much less promote strain than market expects,” he stated in a June 24 X thread. 

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