Odaily Planet Daily News According to Alex Thorn, head of research at crypto asset management company Galaxy Digital, in addition to the early decline, another reason why August was so difficult was the oversupply of Bitcoin, although these oversupply issues are now said to have largely subsided or resolved. "Most of the Bitcoin retained by the US government was seized from theft and is likely to be returned rather than sold. The German government has completed the sale. We believe that the Bitcoin estate from Mt. Gox has been basically distributed, and all bankrupt companies have returned available tokens to creditors. From a supply perspective, Bitcoin's prospects are bright. The estate distribution of the defunct exchange FTX may be a positive catalyst. We expect the repayment action to be initiated within the next six months." Thorn added that "the distribution will provide a large amount of cash to a group of creditors consisting of known crypto investors who may consider reinvesting in the industry." According to Thorn, Bitcoin may remain range-bound until November because the US presidential election has a huge impact on investors. He said that Trump's victory may be a positive catalyst, and any negative impact from Harris's victory may be negligible. "I expect there to be volatility in the market until we know more about rate cut expectations and the election."

#BTC