LIVEUnexpected bad news! 140,000 bitcoins were transferred in 6 hours. Will the compensation of Mentougou cause a huge pit?
Just yesterday, a large amount of transfer records suddenly appeared in the account of Mt.Gox, a bankrupt exchange for 10 years, and more than 140,000 bitcoins were transferred in the next 6 hours, with a total value of nearly 10 billion.
This wave of transfers means that the Mentougou theft incident spanning 10 years is about to draw a conclusion, and the compensation has also reached the last step. The market has also responded, from 70,000 US dollars to 67,000, a drop of more than 3%.
For the next 140,000 bitcoins, many people are worried that this will bring a new round of selling pressure and cause a huge pit. Will it really be like this?
First of all, the conclusion: there will be some impact, but it should not be too big. There are three reasons:
1) In the compensation plan provided by Mentougou to creditors, the compensation amount includes basic compensation and proportional compensation. The basic compensation plan has been announced, but the specific situation of proportional compensation has not been announced by Mentougou, which means that creditors will not receive all the compensation assets at one time.
2) In fact, most bondholders have already sold their debts to the fund, so the selling pressure has been hedged. Those who have not sold and have held until the end will definitely not choose to sell at this time.
3) Today is different from the past. Institutions have gradually become the main force in the current crypto circle, especially after the Bitcoin spot ETF is passed, the impact of 140,000 Bitcoins on the market will gradually decrease.
In summary, I think if Mentougou pays compensation, the market will definitely react, and the panic will even continue for a while, but it will not form the so-called [crypto earthquake]. The selling pressure is not as great as imagined, and it may be a good opportunity to buy at the bottom.