After Bitcoin once plunged to $58,000 this week, it has been fluctuating around $61,000 for several days, and this morning it broke through $62,000 again. QCP Capital yesterday analyzed that Bitcoin will be able to hold the $60,000 support level for two major reasons.
Bitcoin has successfully stood above $62,000 after multiple challenges since last night (27). At the time of writing, it is currently trading at $62,066, up 1.53% in the past 24 hours. Investors are closely watching whether this wave of upward momentum can continue or is just a rebound in the downward trend.
German government slows down BTC sell-off
In this context, digital asset trading company QCP Capital posted on social media earlier yesterday that although the US government transferred 3,940 bitcoins (worth $240 million) to Coinbase after obtaining liquidation approval, Bitcoin will continue to hold the $60,000 support level, and provided the following two reasons:
German government slows down BTC sell-off
According to Arkham data, German government-related wallets have recently transferred Bitcoin to exchanges through multiple transactions, including:
On June 19, multiple asset transfers began, with a total of 1,110 bitcoins being transferred to the exchange;
On June 25, the wallet transferred 200 bitcoins to Kraken and Coinbase exchanges, totaling 400 bitcoins.
On June 26, the wallet transferred 125 bitcoins to Kraken and Bitstamp exchanges, totaling 250 bitcoins.
QCP Capital believes that as the amount of Bitcoin transferred by the German government to exchanges decreases day by day, it may indicate that this large-scale sell-off plan is coming to an end.
Dynamic Zone Supplement: The wallet currently still holds 45,264 bitcoins (worth approximately US$2.76 billion).
Bitcoin spot ETF ends 7-day streak of net outflows
On the other hand, according to SoSoValue data, after 7 consecutive days of net outflows from June 13 to June 24, Bitcoin spot ETF finally showed net inflows on June 25 and 26. QCP Capital believes that the end of 7 consecutive days of net outflows from Bitcoin spot ETF is a sign of Bitcoin price stabilization.
Analyst: Mt.Got selling pressure will be less than expected
On the other hand, regarding the negative news that Mt. Gox announced that it would repay customers’ bitcoins in July, Alex Thorn, head of research at Galaxy, also commented on X on the 24th. He believes that the bitcoin selling pressure caused by Mt. Gox will ultimately be less than expected.
He explained that since nearly 75% of creditors chose Early Payout (subject to a 10% reduction in value), only about 95,000 bitcoins will be used to pay compensation early (the remaining BTC will take longer to pay):
About 20,000 of these tokens belong to the claims fund
10,000 tokens belong to Bitcoinica BK
There are about 65,000 coins left that are owed to individual creditors.
And he expects that individual creditors will hold on to Bitcoin longer than the market expects:
Creditors are mainly long-term Bitcoin holders. They are early adopters who are technologically savvy.
Individual creditors have rejected attractive offers from claims funds over the years, suggesting they would rather get their bitcoin back than compensation denominated in U.S. dollars.
The capital gains tax impact of the sale would be significant. With prices rising, even if only 15% of the claims in kind were recovered, the claim holders would have made 140x the value (in USD) on the Bitcoin they recovered since the bankruptcy.
