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Bitcoin (BTC) plummeted in response to the news of Mt. Gox's debt repayment. Mt. Gox officially announced on the 24th that it would begin repaying debtors in Bitcoin and Bitcoin Cash (BCH) from early July. Previously, last month, Mt. Gox transferred a total of approximately 141,686 bitcoins to three wallets.
2. US Bitcoin spot ETF trading volume hits all-year low
The weekly trading volume of Bitcoin spot exchange-traded funds (ETFs) in the U.S. last week was only about $6.9 billion (KRW 9.5593 trillion). According to data released by CoinShares, an on-chain analysis platform, about $600 million in funds were outflowed from Bitcoin spot ETFs in the U.S. last week, resulting in a cumulative loss of about $1.2 billion over two weeks. This is the lowest weekly trading volume for Bitcoin spot ETFs in the U.S. since last January. CoinShares assessed that the rapid outflow of funds from Bitcoin spot ETFs in the United States contributed to Bitcoin's sharp decline.
3. Eric Balchunas “Mount Gox’s selling bomb is like blowing up the ETF effect.”
With Mt. Gox's debt repayment plan in full swing, Bloomberg ETF researcher Eric Balchunas predicted the possibility of the Bitcoin spot ETF effect disappearing. On the 24th, Balchunas said through his I predicted that it would be.
4. Experts predict the possibility of a further decline in Bitcoin… “It could go to $50,000.”
A number of digital asset (cryptocurrency) experts pointed to the sharp decline in the Bitcoin graph and predicted that the price of Bitcoin could fall further over the next four weeks. Famous Bitcoin analysts Willie Wu and Rect Capital analyzed on their In particular, '10X Research', a digital asset market analysis company, argued that Bitcoin's decline could progress more steeply and that Bitcoin could potentially fall to $50,000.
Reporter Seungwon Kwon ksw@
