MT GOX DUMP FUD šØĀ
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Mt. Gox will start the repayment of 141,686 BTC this month
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The market is dumping as people are thinking BTC might hit $45K or even $40K
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Let's clarify the FUD about the Mt. Gox dump
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( Bookmark it )
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Mt. Gox BTC distribution will happen in 3 phases
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- Early payment ( July to Oct )
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- Intermediate payment ( Final creditors )
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- Final payment ( years later )
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So, now just talk about the early payment, which will be 71,403 BTC
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Among them, there are different types of investors
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- Individual creditors
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- Credit funds
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- ExchangesĀ
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BTC was trading at $600 when Mt. Gox was hacked, and the holders are already up 100x
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Given that we're already in a bull market, the selling will be significantly less
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Let's assume that 50% of the coins will be sold
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The total selling amount will be 35,700 BTC worth $2.1 billion
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Right now, the market can handle 6Kā10K BTC sell pressure as the ETF inflows are low
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During high ETF inflows, BTC can easily absorb 15Kā25K of daily BTC sell pressure
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This means that 35,700 BTC won't have as bad an effect on the market as it seems
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The reason behind the BTC dump is people overestimating the Mt. Gox sellingĀ
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IMO, $44k-$52k will be the area where BTC will find its support, and only a black swan event ( war, pandemic ) could push BTC below that
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