Since last night (27th), Bitcoin has repeatedly challenged and successfully stood above US$62,000. At the time of writing, it is currently trading at US$62,066, up 1.53% in the past 24 hours. Investors are paying close attention to whether this rising momentum can be sustained. Or is it just a rebound from a downtrend.
QCP Capital: Bitcoin will hold support at $60,000
Against this background, digital asset trading company QCP Capital posted on the community earlier yesterday that although the U.S. government transferred 3,940 Bitcoins (worth US$240 million) to Coinbase after receiving liquidation approval, Bitcoin will continue to hold. Support at $60,000 and provides the following two reasons:
German government slows down BTC sell-off
According to Arkham data , there have been a number of transactions involving German government-related wallets transferring Bitcoin to exchanges in recent days, including:
- Multiple asset transfers began on June 19, with a total of 1,110 Bitcoins transferred to exchanges;
- On June 25, the wallet transferred 200 Bitcoins to Kraken and Coinbase exchanges each, for a total of 400 Bitcoins;
- On June 26, the wallet transferred 125 Bitcoins to Kraken and Bitstamp exchanges respectively, for a total of 250 Bitcoins.
QCP Capital believes that as the German government transfers fewer Bitcoins to exchanges, it may indicate that this large-scale sell-off plan is coming to an end.
Dynamic Zone added: The wallet still holds 45,264 Bitcoins (worth approximately US$2.76 billion).
Bitcoin spot ETF ends 7 consecutive days of net outflows
On the other hand, according to SoSoValue data , the Bitcoin spot ETF finally showed net inflows on the 25th and 26th after seven consecutive days of net outflows from June 13 to June 24. QCP Capital believes that the end of seven consecutive days of net outflows from Bitcoin spot ETFs is a sign that Bitcoin prices have stabilized.
Analyst: Mt.Got selling pressure will be less than expected
On the other hand, in response to the negative news that Mt.Got announced that it would repay customers’ Bitcoin in July, Galaxy Research Director Alex Thorn also commented on X on the 24th. He believed that the eventual Bitcoin selling pressure triggered by Mt.Gox will be smaller than expected.
He explained that since nearly 75% of creditors choose Early payout (subject to accepting a 10% impairment), there will currently only be about 95,000 Bitcoins used for early payment of compensation (the remaining BTC will take longer to be paid out) Payment):
- About 20,000 of these tokens belong to the claims fund
- 10,000 tokens belong to Bitcoinica BK
- There are about 65,000 coins left that are owed to individual creditors.
And he predicts that individual creditors will insist on holding Bitcoin more than the market expects:
- Creditors are mainly long-term Bitcoin holders. They are technology-savvy early adopters.
- Individual creditors have rejected attractive offers from claims funds over the years, suggesting they want their Bitcoin back rather than dollar-denominated compensation.
- The capital gains tax implications of a sale can be significant. Even though only 15% of physical claims have been recovered as prices have increased, claim holders have gained 140x (in USD) on the Bitcoin they recovered since the bankruptcy.
