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The Mt. Gox Bitcoin transfer signifies a potential reduction in future market pressure with its remaining balance at $3 billion BTC.
The transfer of $3.1 billion worth of Bitcoin from Mt. Gox to BitGo on July 30th has led to a significantly reduced balance in the trustee estate. The estate’s remaining balance now stands at $3.06 billion, as per Arkham’s data. The sizeable reduction in holdings indicates that the ongoing supply pressure from Mt. Gox may soon come to an end.
Contrary to previous market anticipations, the latest distribution from Mt. Gox did not trigger any adverse impacts. Data from Glassnode shows that there were no significant sell-side reactions on major exchanges such as Kraken and Bitstamp, which were used for repayments. Notably, the Spot Cumulative Volume Delta (CVD) on Kraken saw a minor uptick post-transfer, implying minimal selling pressure.
While the reduction in Mt. Gox’s BTC holdings bodes well for the market, sell pressure from the U.S. government remains a concern. The U.S. government currently holds around $13 billion in BTC, having recently exacerbated market jitters with the transfer of $2 billion BTC. This continues to embolden bearish sentiments, especially noticeable since June.
CryptoQuant analyst Axel Adler mentions, “The sell pressure from the U.S. and German governments has significantly boosted the bears’ market dominance this summer. Net Taker Volume still shows predominantly selling activities, indicating the market’s bearish stance.” This bearish trend is underscored by the recent dips in BTC prices, currently nearing $63,000, ahead of the critical U.S. July jobs report release.
The recent Mt. Gox Bitcoin transfer and its diminishing balance mark a potential alleviation of one significant supply pressure. However, with the looming influence of U.S. government BTC holdings, the market sentiment remains vulnerable. Investors are closely watching the upcoming U.S. July jobs report for any signs of market relief or continued bearish trends.
The post Mt. Gox’s $3 Billion BTC Balance Signals Potential End to Supply Overhang appeared first on COINOTAG NEWS.
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