Over the past fortnight, Bitcoin has faced multiple challenges, including ongoing outflows from spot ETFs and the re-emergence of Mt. Gox as a significant concern. Today marked a pivotal moment as Mt. Gox trustees commenced the repayment process to creditors, led by Nobuaki Kobayashi, beginning in early July with compensations in BTC. This development, coupled with the recent transfer of 14,000 BTC from Mt. Gox's address a month ago, triggered immediate market risk aversion and a sharp, albeit temporary, drop in BTC prices, dipping below 61,000.SignalPlus Volatility Column (20240624): Mentougou ResurfacesRecent developments have cast a shadow over BTC's price, exacerbated not only by continuous outflows from spot ETFs but also by the looming Mt. Gox situation. Today, Mt. Gox trustees initiated the creditor repayment process, scheduled to begin in early July with compensations in BTC under the oversight of Nobuaki Kobayashi. This follows the recent transfer of 14,000 BTC from Mt. Gox's address a month ago, prompting immediate market risk aversion and a significant short-term decline in BTC prices, briefly falling below 61,000.Source: Farside Investors; TradingViewIn options markets, heightened actual volatility and market apprehensions about future conditions have sharply raised implied volatility levels in the near term. Concurrently, front-end Vol Skew has maintained a positive correlation with prices, edging into negative territory. Before this news, BTC had seen several consecutive days of decline, yet market flows towards the end of June predominantly favored risky long positions. The downturn possibly attracted bottom-fishing activity in call options, with confidence resting on crucial support levels at 61,000 and 60,000.Meanwhile, Ethereum (ETH) stirred optimism following statements by The ETF Store President hinting at a potential launch of an Ethereum spot ETF next week.

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