🚨 99% OF $8,200,000,000 IN BTC LIKELY TO BE DUMPED BY MT. GOX CREDITORS 🚨
Will this crash the Bitcoin price even further?
📉 The impending Mt. Gox Bitcoin repayments are poised to unleash significant selling pressure on the market. According to finance analyst Jacob King, nearly all of the $8.2 billion in Bitcoin set to be returned to creditors may be sold off, potentially driving Bitcoin prices down further.
🔍 Onchain data suggests that Mt. Gox’s former creditors have already begun selling their Bitcoin. King highlighted this in a July 4 X post, stating, “No Bitcoiner will say this out loud, but the majority of the $8.2 Billion in $BTC that is set to be distributed back to ex-clients are going to be sold off.”
💥 This bearish outlook arrived just as Mt. Gox initiated its repayment process on July 5, distributing both Bitcoin and Bitcoin Cash to its creditors.
📊 The potential market impact is substantial, with Bitcoin already struggling to maintain momentum. The cryptocurrency faces an 18% quarterly loss per CoinMarketCap.
🔥 King warned that the additional selling pressure from the Mt. Gox repayments could drive Bitcoin back into bear market territory, stating, “Based on the current low demand volume, this will easily send BTC back into a harsh bear market.”
💡 More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 creditors, many of whom are expected to sell their holdings immediately, given Bitcoin's 8,500% price increase over the past decade. King speculates, “I’d say 99% of those on Mt. Gox are going to sell their coins the moment they get it. Imagine billions worth of Bitcoin all being dumped gradually over the next several weeks. There is no way to spin this to be bullish.”
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