{"id":15284,"date":"2024-07-17T14:48:42","date_gmt":"2024-07-17T11:48:42","guid":{"rendered":"https:\/\/forklog.com\/en\/expert-questions-impact-of-mt-gox-bitcoin-sales-on-market\/"},"modified":"2024-07-17T14:48:42","modified_gmt":"2024-07-17T11:48:42","slug":"expert-questions-impact-of-mt-gox-bitcoin-sales-on-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-questions-impact-of-mt-gox-bitcoin-sales-on-market\/","title":{"rendered":"Expert Questions Impact of Mt.Gox Bitcoin Sales on Market"},"content":{"rendered":"<p>Concerns about potential sales of bitcoins distributed by the bankrupt exchange Mt.Gox are exaggerated, according to CryptoQuant&#8217;s founder and CEO, Ki Young Ju.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">MtGox FUD is overestimated.<\/p>\n<p>Market cap growth outpaces realized cap growth, showing strong demand. Since 2023, $224B in <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> sold, yet price up 350%.<\/p>\n<p>Even if MtGox&#8217;s $3B is sold on Kraken, it&#8217;s just 1% of the realized cap increase in this bull cycle \u2014 manageable liquidity. <a href=\"https:\/\/t.co\/IUtw2pY6Am\">https:\/\/t.co\/IUtw2pY6Am<\/a> <a href=\"https:\/\/t.co\/pWqWhM0i9Z\">pic.twitter.com\/pWqWhM0i9Z<\/a><\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1813277728998609338?ref_src=twsrc%5Etfw\">July 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The expert noted that since 2023, during the current bull market phase, $224 billion worth of digital gold has been sold, yet its price has risen by 350%.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Even if Mt.Gox&#8217;s $3 billion assets are sold on Kraken, it&#8217;s just 1% of the bitcoin capitalization growth in this bull cycle \u2014 manageable liquidity,&#8221; said the head of CryptoQuant.<\/p>\n<\/blockquote>\n<p>According to him, the leading cryptocurrency remains vulnerable to speculative <span data-descr=\"fear, uncertainty, and doubt\" class=\"old_tooltip\">FUD<\/span> sentiments, as demonstrated by the German authorities&#8217; liquidation of 50,000 BTC since June 19.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is still vulnerable to speculative FUDs. That&#8217;s the only weakness of Bitcoin.<\/p>\n<p>While you were panic selling during the German govt FUD, &#8220;the others&#8221; were buying. <\/p>\n<p>Now, who&#8217;s the smart money?<a href=\"https:\/\/t.co\/kq2xdO08Is\">https:\/\/t.co\/kq2xdO08Is<\/a><\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1813284696157266159?ref_src=twsrc%5Etfw\">July 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Amid &#8220;panic sales,&#8221; major holders of digital gold accumulated an additional 85,000 BTC over 30 days, Ju noted.<\/p>\n<p>On July 16, bitcoin reacted with increased volatility to the movement of more than 95,500 BTC (worth ~$6 billion) from Mt.Gox&#8217;s cold wallets. One of the recipients of the assets was the exchange Kraken.<\/p>\n<p>However, in the last 24 hours, digital gold prices have risen by nearly 3%, with a weekly increase of 11.5% (<a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>). The cryptocurrency is trading above $65,000.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"617\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-17_13-56-54-1024x617.png\" alt=\"BTCUSDT_2024-07-17_13-56-54\" class=\"wp-image-237148\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-17_13-56-54-1024x617.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-17_13-56-54-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-17_13-56-54-768x463.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-17_13-56-54.png 1327w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly chart of BTC\/USDT on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/?exchange=BINANCE\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Earlier, analysts at K33 Research <a href=\"https:\/\/u1f987.com\/en\/news\/potential-bitcoin-market-impact-from-mt-gox-creditor-sales-highlighted-by-analysts\">suggested<\/a> that the prospect of selling 142,000 BTC from Mt.Gox could &#8220;frighten the market.&#8221; JPMorgan also speculated on the potential pressure from the sale of distributed assets on the cryptocurrency&#8217;s rate.<\/p>\n<p>According to Sam Callahan of Swan Bitcoin, the impact of Mt.Gox on prices may be less than the market expects.<\/p>\n<p>Back in the day, former owner and head of the bankrupt exchange Mark Karpeles <a href=\"https:\/\/u1f987.com\/en\/news\/former-mt-gox-chief-comments-on-9-8-billion-bitcoin-movement\">expressed doubt<\/a> about a mass sale of distributed funds by the platform&#8217;s clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Concerns about potential sales of bitcoins distributed by the bankrupt exchange Mt.Gox are exaggerated, according to CryptoQuant&#8217;s founder and CEO, Ki Young Ju. MtGox FUD is overestimated. Market cap growth outpaces realized cap growth, showing strong demand. Since 2023, $224B in #Bitcoin sold, yet price up 350%. Even if MtGox&#8217;s $3B is sold on Kraken, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1205,136,1138],"class_list":["post-15284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-cryptoquant","tag-mtgox","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15284"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15283"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}