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Ki Young Ju, CEO of CryptoQuant, asserts that the impact of Mt. Gox repayments on Bitcoin is overstated, with whales poised to purchase more.
CryptoQuant CEO Dispels Mt. Gox FUD
According to Ki Young Ju, CEO of CryptoQuant, the effect of Mt. Gox's repayments on Bitcoin is currently being exaggerated, and whales will most likely take advantage of the situation to buy additional Bitcoin at a discount.
To X in a post from July 16:
Speculative "FUD" (fear, uncertainty, and doubt) surrounding perceived unfavorable occurrences, rather than the underlying fundamental selling activity, is what most threatens Bitcoin's price, according to Ki.
Bitcoin Whales Eye Discounted Purchases
Despite the "panic selling" by many investors, Ki claims that the "smart money" is steadily increasing its Bitcoin holdings.
Ki referenced a post from July 10th that included statistics demonstrating that 85,000 BTC were amassed in the previous 30 days by "permanent holders" – big individual custodial wallets that did not engage in any withdrawals.
Mt. Gox Trustee’s Bitcoin Movements
The Mt. Gox trustee has repeatedly moved money from cold wallets to hot wallets over the past few weeks. Arkham Intelligence research shows that Mt. Gox presently has 138,985 BTC, which is worth around $8.93 billion.
Creditors were notified on July 5 by the defunct Japanese cryptocurrency exchange Mt. Gox that it had started restoring over 140,000 Bitcoin to customers who had lost their money in a massive breach in 2014.
Mitigated Downside in Bitcoin Market
The predicted downside, however, was somewhat mitigated by Alex Thorn, head of research at Galaxy Digital, who calculated that only 65,000 out of a total of 141,000 Bitcoin may reach the market.
Similarly, experts informed Cointelegraph that they thought the worst of the sell pressure related to Mt. Gox sales had already been "priced in" and that the price movement of Bitcoin has probably leveled off.
According to TradingView, the price of Bitcoin is currently trading at $65,154, up 12% over the last seven days. It rebounded from two-month lows of $53,500 on July 4.
