Breaking: Mt. Gox Moves 45,511 Bitcoins To Repay Creditors, Another BTC Selloff Ahead?

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As a seasoned researcher with years of experience in the volatile crypto market, I’ve seen my fair share of ups and downs. The recent moves by Mt. Gox, transferring billions worth of Bitcoin to new wallets, have caught my attention once again. It seems like history is repeating itself, as this exchange has shown a pattern of moving large amounts of BTC for creditor repayment.

According to blockchain information, the defunct cryptocurrency exchange Mt. Gox transferred approximately 45,511 Bitcoins over the past two hours, which may indicate further preparations for redistributing these coins to creditors. Following a significant drop in Bitcoin’s price to around $66,000 yesterday, it has remained relatively stable so far, experiencing a minimal decrease of 0.5% at present.

Mt. Gox Transfers $3.15 Billion in BTC to New Wallets

According to reports from Spot on Chain, cryptocurrency exchange Mt. Gox recently transferred 45,511 Bitcoins, currently valued at approximately $3.15 billion, to three separate wallets. Given its past behavior, it’s highly probable that Mt. Gox intends to move these Bitcoins to centralized exchanges as part of an effort to repay its creditors.

Starting from July 5th, a crypto exchange has moved a grand total of approximately 61,559 Bitcoins valued at around $3.88 billion towards creditor reimbursement through platforms like Kraken, Bitstamp, and SBIVC. Notably, there have been claims that the crypto exchange Kraken has refused to process BTC payouts for some Mt. Gox creditors even after verifying their identities.

Mt. Gox moved 45,511 $BTC ($3.15B) to 3 new wallets in the past 2 hours!
Based on past activities, Mt. Gox may soon move parts of these $BTC to CEX to repay creditors.
Beginning on July 5, 2024, Mount Gox has cumulatively moved 61,559 Bitcoin (equaling approximately $3.88 billion) to Bitstamp, SBIVC, and other platforms.
— Spot On Chain (@spotonchain) July 31, 2024

As a seasoned investor with over two decades of experience in the financial markets, I have witnessed countless market fluctuations, but none quite as unpredictable as the recent movements in Bitcoin. Throughout my career, I’ve learned to anticipate and adapt to volatility, but the price swings of this digital currency continue to surprise even the most seasoned traders.

BTC Remains Stable Before FOMC Meeting

At the moment, all eyes are fixed on the FOMC meeting set for Wednesday, July 31. Following a drop in Bitcoin’s price earlier in the week, it has demonstrated some resilience, hovering around $66,000 as investors eagerly anticipate the Fed’s insights regarding inflation and economic expansion.

Looking ahead, macro indicators are expected to significantly influence Bitcoin’s price fluctuations. At present, there seems to be a gradual decrease in both inflation and economic expansion, according to data from BloFin. The risk of recession, however, appears relatively low at this time.

1. It was observed that in the $65,000 to $70,000 price range, there exists a negative gamma. This significant negative gamma is mainly influencing the options set to expire on August 2, which currently dominates the Bitcoin options market. As the weekly expiration date approaches, BloFin predicts that volatility will increase even more. Conversely, large Bitcoin investors (whales) have been actively accumulating during this price decline.

As a crypto investor, I’ve been closely monitoring the GEX data, and it seems that there’s a significant negative gamma lurking between $65k and $70k. This negative gamma has been amplifying the price fluctuations. The main cause appears to be options expiring on August 2nd, which have a strong influence over the Bitcoin options market. As we get closer to the expiration date, I can’t help but notice that the market price… movements might become even more unpredictable due to this factor.

— BloFin Academy (@BloFin_Academy) July 30, 2024

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2024-07-31 06:50