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MT GOX DUMP FUD 🚨
Mt. Gox will start the repayment of 141,686 BTC this month
The market is dumping as people are thinking BTC might hit $45K or even $40K
Let's clarify the FUD about the Mt. Gox dump
Mt. Gox BTC distribution will happen in 3 phases
- Early payment ( July to Oct )
- Intermediate payment ( Final creditors )
- Final payment ( years later )
So, now just talk about the early payment, which will be 71,403 BTC
Among them, there are different types of investors
- Individual creditors
- Credit funds
- Exchanges
BTC was trading at $600 when Mt. Gox was hacked, and the holders are already up 100x
Given that we're already in a bull market, the selling will be significantly less
Let's assume that 50% of the coins will be sold
The total selling amount will be 35,700 BTC worth $2.1 billion
Right now, the market can handle 6K–10K BTC sell pressure as the ETF inflows are low
During high ETF inflows, BTC can easily absorb 15K–25K of daily BTC sell pressure
This means that 35,700 BTC won't have as bad an effect on the market as it seems
The reason behind the BTC dump is people overestimating the Mt. Gox selling
IMO, $44k-$52k will be the area where BTC will find its support, and only a black swan event ( war, pandemic ) could push BTC below that
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