Reasons for the decline of Bitcoin:

Mt. Gox is expected to make final compensation in October due to the pressure of compensation.

This may lead to a large amount of Bitcoin being sold to raise compensation funds, which will put downward pressure on market prices.

According to Dune data, as of June 24, 2024, Mt. Gox trustees held approximately 141,686 BTC, accounting for 0.72% of the circulating supply of Bitcoin, with a value of approximately US$9,260,336,411. Since the funds were integrated on May 30, 2024, these addresses have only transferred out 0.00001638 BTC.

If all these BTC are paid, the decline of BTC will be even more serious.

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