Mt Gox transfers $2.8 billion in BTC, market falls, ETH ETF is issued ahead of schedule
Mt Gox has transferred a large amount of BTC to creditors as part of its repayment plan. The defunct exchange transferred more than $2.8 billion worth of BTC today. Based on previous situations, creditors may be repaid in BTC today.
The news coincides with the upcoming launch of the spot ETH ETF. This has sparked speculation about the impact that the trend of BTC and ETH may have on the market. The crypto market experienced a pullback as the launch of the Ethereum ETF became a "sell on news" event. In addition, ETH whales are looking to profit from the ETF hype.
Despite the bearish short-term trend, the inflow of funds into ETFs and the gradual adoption of these products are expected to drive ETH above $4,000.
Currently, BTC has fallen below the 67,000 mark, while the price of ETH has fallen to $3,450. However, BTC’s decline may be temporary, as on July 16, when Mt Gox made a huge repayment, BTC was still strong at 65,000.