10 billion Dollar shakes the crypto market, but this is not what should worry you. This truth will make you even more Bullish on Bitcoin!
Mt Gox transferred 141,686 $BTC (worth nearly 10 billion USD) to a new wallet before the deadline to return Bitcoin to creditors on October 31 this year. In fact, the whole market has known about this Deadline for a long time. Therefore, Mt Gox's action is just a small fud and this is an opportunity to accumulate more tokens if Bitcoin and Altcoins correct deeper.
In the past 24 hours, Bitcoin fell 4% because of this fud, altcoins corrected deeper but not significantly. This transfer was just confirmed by Mt Gox as just an asset management move, after which the crypto market quickly recovered slightly.
An interesting fact is that Bitcoin ETFs have accumulated over 850K BTC year to date. ETFs have accumulated an average of 200K BTC per month and continue to grow!
Therefore, if 141K Bitcoin from Mt Gox hits the market, the money flow from TradFi (ETF) and from CEXs can gradually absorb the above Bitcoin quickly.
