After the recent interest rate cut by the Federal Reserve, the cryptocurrency market rebounded across the board, and Bitcoin also reached the $64,500 mark twice. However, it is worth noting that the selling pressure on the Mt. Gox exchange may not have completely disappeared, and it may face a retracement after a long rebound.
After reaching a high of $64,822 at around 9 a.m. yesterday (25), Bitcoin has been fluctuating downward over the past 24 hours, reaching a low of $62,671 at around 09:30.
At the time of writing, there was a rebound and it is fluctuating back to around $63,000, but if this position cannot be maintained, it is possible that it will test $62,000 again.
The entire network has a liquidation of 93.75 million US dollars in the past 24 hours
According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidation was US$93.75 million, of which long orders liquidated more than US$70 million, accounting for the majority, and a total of about 45,000 people were liquidated.
Mt. Gox Exchange Still Holds $2.85 Billion in Bitcoin
Although market sentiment has rebounded recently and is bullish, we should not forget that after Mt. Gox, once the world's largest Bitcoin exchange, started repaying its creditors in early July this year, the selling pressure caused by the different repayment times of various platforms is expected to continue until October.
Kraken’s repayment period is within 90 days;
Bitstamp is 60 days;
BitGo is 20 days;
SBI VC Trade and Bitbank are both 14 days.
According to official statements, of the 141,000 bitcoins to be distributed by Mt. Gox, 95,000 were distributed to creditors who chose early distribution and accepted a 10% reduction starting in July. According to Arkham data, Mt. Gox seems to have distributed all of these tokens in the past three months, but it is unclear how many have not yet been delivered to creditors, which may cause sporadic selling pressure.
Currently, the Mt. Gox wallet address still has 44,900 BTC (worth $2.85 billion). The next repayment time will be tracked for you.
Bitcoin spot ETF has seen net inflows for 4 consecutive days
Another important indicator that affects the market: Bitcoin spot ETF. According to Sosovalue data, since September 19, the US Bitcoin spot ETF has seen net inflows for four consecutive trading days. As of September 24, the size of the US Bitcoin spot ETF has reached US$58.67 billion, accounting for 4.62% of the Bitcoin market value.
Bloomberg ETF Analyst: US Bitcoin Spot ETF Holds 916,047 BTC
As Bitcoin spot ETFs regained net inflows, Eric Balchunas, senior ETF analyst at Bloomberg, also released statistics on the social platform X late yesterday (25th), indicating that since the US Bitcoin spot ETF was listed in early January this year, it has received a total net inflow of US$17.8 billion. The current total holdings are 916,047 BTC, and will soon surpass Satoshi Nakamoto's holdings:
The US Bitcoin ETF performed well yesterday, setting a new high of $17.8 billion in capital inflows since the beginning of the year. They are now 92% away from their goal of owning 1 million BTC and 83% away from their goal of surpassing Satoshi Nakamoto's holdings to become the largest holder.
