 ▲ Bitcoin (BTC), dollar (USD) |
Bitcoin trading prices fell below $60,000 last night as the possibility of bankrupt virtual asset exchange Mt. Gox starting to repay $9 billion worth of Bitcoin (BTC) was raised.
Charles Edwards, founder of a digital asset hedge fund, raised the possibility that Mt. Gox's liquidation process has begun based on Bitcoin trading volume charts over the past 7 to 10 years. He said, “Bitcoin’s on-chain indicator movement level has changed significantly, rising 10 times compared to the past, and the history of the Bitcoin trading volume chart itself has disappeared.” He said, “It seems that the liquidation process of Mt. Gox is approaching.”
Accordingly, Cointelegraph, a media outlet specializing in cryptocurrency, interpreted the loss of the $60,000 support line, contrary to the expectations of investors who had longed for the price to surpass $70,000 after the decline in June, as meaning that the price adjustment could be prolonged.
However, there has also been raised the possibility that Mt. Gox's debt will be absorbed in the form of capital inflow from the U.S. Bitcoin spot exchange-traded fund (ETF). Bitcoin spot ETFs have accumulated $22.5 million worth of Bitcoin since launch, according to data from on-chain data firm Dune.
Crypto asset news media CoinDesk believed that the $60,000 and $61,000 ranges will currently prove to be very important ranges.
Markus Thielen, founder of 10X Research, said in an interview with CoinDesk, “The average entry price for Bitcoin spot ETFs was formed in the range of $60,000 to $61,000, and the result was that the retest of that section was a liquidity wave. “It could lead to this,” he explained.
Thielen noted that 30% of the more than $14 billion in net inflows recorded when the Bitcoin spot ETF was launched was capital that came in as part of basis trading, a directionless discretionary strategy rather than an outright bullish bet.
