Worries that $9 billion in Mt. Gox creditor repayments could tank the price of Bitcoin are overblown, and “smart money” whales will continue to buy BTC at a discount.
CryptoQuant CEO Ki Young Ju says Bitcoin is still vulnerable to “speculative FUDs,” giving smart money a way to buy up cheap Bitcoin.
The impact of Mt. Gox’s repayments on Bitcoin is still being overestimated and will likely be utilized by whales to pick up more BTC at a discount, says CryptoQuant CEO Ki Young Ju.to X, Ju said that the impact of Mt. Gox sales — anywhere between $3 billion and $9 billion in BTC — is negligible compared to the total increase in the market capitalization of Bitcoin (
“Even if MtGox's $3B is sold on Kraken, it's just 1% of the realized cap increase in this bull cycle — manageable liquidity,” wrote Ju.Additionally, Ju noted that the price of Bitcoin was most vulnerable to speculative “FUD” — fear, uncertainty, and doubt — around perceived negative events and less so to the fundamental selling activity behind it.
Similarly, analysts told Cointelegraph they believed much of the potential sell pressure concerning Mt. Gox sales was already “priced in” and that The price of Bitcoin has gained 12% over the last seven days, bouncing off two-month lows of $53,500 on July 4, and is currently changing hands for $65,154, per TradingViewCraig Wright admits he’s not Satoshi, issues disclaimer on his website
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