BRAKING NEWS ALERT 🚨⚠️🚨⚠️🚨
Less than half of the #Bitcoin from the Mt. Gox exchange has been distributed to creditors, resulting in minimal selling pressure. With such low pressure, concerns about market impact are unwarranted. The upcoming interest rate cut in September is a certainty, and with limited selling pressure, there might not be enough Bitcoin available to meet buyer demand.
CryptoQuant analyst Maartunn reported that 36% of the Mt. Gox Bitcoin has been distributed. On July 17, the Mt. Gox custodian moved 48,641 $BTC to a Kraken exchange address. Kraken subsequently informed some users via email that they had received Bitcoin from the Mt. Gox custodian.
Currently, the Mt. Gox custodian still holds 141,686 BTC, which will be released gradually over time. This staggered distribution reduces the risk of a sudden market drop and allows for a more stable adjustment.
Given the minimal distribution so far and the certainty of the September interest rate cut, the market outlook remains positive. The limited supply and increased liquidity from the rate cut are likely to support strong buyer interest in the coming months.
