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Mt. Gox moved over 140,000 bitcoin (btc) worth around $9 billion in just three hours on July 16 to spark panic among cryptocurrency traders, but CryptoQuant CEO Ki Young Ju says Mt. Gox FUD (fear, uncertainty, and doubt) is “overstated.”
“Even if the $3 billion Mt. Gox is sold on Kraken, it is only 1% of the capitalization increase realized in this bull cycle – manageable liquidity,” Ju wrote in a July 16 article. x.com/ki_young_ju/status/1813277728998609338?s=46&t=MuRujqZUAz3TQE1vmr3c6A”>Publication x.
Strong btc demand could absorb potential Mt. Gox liquidation
According to CryptoQuant’s CEO, btc’s market cap growth is currently outpacing the growth of its realized capitalization, indicating strong demand for the cryptocurrency. He also pointed to the fact that btc’s price is up 350% despite investors selling $224 billion worth of the flagship cryptocurrency since 2023.
Mt. Gox wallets still contain 138,985K bitcoin worth more than $9 billion, according to data from Arkham Intelligence. The dollar value of the exchange's holdings increased by more than $343 million in the past 24 hours after the price of btc bitcoin/”>scaling more than 3% over the same period to trade at $65,300.26 at 3:35 a.m. EST.
Cryptocurrency investor sentiment experienced a major shift over the past week
Even with the potential sell-off by Mt. Gox creditors looming, the cryptocurrency market feeling remains positive. crypto/fear-and-greed-index/”>Cryptocurrency Fear and Greed Index The index has risen 4 points since yesterday to stand at 69 today, indicating “greed” in the market. Investor sentiment has also changed substantially over the past week, with the index falling to 28 just 7 days ago.
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Permanent holders, mostly custodial wallets with no exits, accumulated 85,000 twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin in the last 30 days.
These wallets are not ETFs, exchanges, or miners. Over the same period, 16,000 btc left ETF holdings.
While some sell in panic, “the others” buy. image.twitter.com/t9oN6pVwST
— Ki Young Ju (@ki_young_ju) twitter.com/ki_young_ju/status/1811019602907824265?ref_src=twsrc%5Etfw”>July 10, 2024
Ju revealed that “permanent holders,” which are custodial wallets with no exits, accumulated 85,000 btc over the past month, while many investors sold in panic. During the same period, 16,000 btc also left ETF (exchange-traded fund) holdings.
Meanwhile, Galaxy Digital’s head of research, Alex Thorn, predicted that expected losses from Mt. Gox refunds are smaller than many in the market might anticipate.
“We believe that fewer coins will be distributed than people think and that this will lead to less selling pressure than the market expects,” he said in a June 24 statement. x.com/intangiblecoins/status/1805244957252284916″>thread.
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