JPMorgan analysts say Mt. He stated that the Bitcoins to be distributed by Gox could suppress the market for a short time.
According to analysts, Mt. Gox creditors will sell their Bitcoins, which will initially put pressure on the market. However, JPMorgan expects the market to recover from August.
Mt. Gox Sales Risk
Bankrupt cryptocurrency exchange Mt. Gox will refund Bitcoin to its creditors starting from the beginning of July. Creditors will receive 142,000 Bitcoins from July to October, worth about $9 billion at today's prices.
A similar situation occurred in Gemini Earn. A total of $2.18 billion worth of crypto money was returned to people who used Gemini's Earn product. 97% of this was delivered on May 29, and 3% was delivered on June 20.
“It is reasonable to assume that Gemini creditors, who are mostly retail customers, have realized at least partial profit-taking in recent weeks,” JPMorgan said.
Challenging Weeks Await
“Assuming most Mt. Gox creditors will sell their Bitcoin in July, this would lead to crypto prices remaining under further pressure in July but recovering starting in August,” JPMorgan analysts said.
FTX, another bankrupt cryptocurrency exchange, will also pay its creditors in the coming months. However, Gemini Earn and Mt. Unlike Gox, these payments will be made in cash, not in kind.
“Paying receivables in kind creates a liquidation risk as some creditors decide to sell at a profit, while settlement in cash creates a positive flow if crypto-savvy creditors decide to reinvest their cash in crypto assets,” JPMorgan said.
The problem for cryptocurrency markets is that in July, Mt. There is a gap of approximately three months between the payments to be made by Gox and the payments to be made by FTX in October/November.
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