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Mt. Gox Distribution – Key Bitcoin Levels to Watch
Cryptoquant CEO Ki Young Ju reported that the Mt. Gox creditors received their BTC on Kraken a few hours ago. However, despite this distribution, there’s no major surge in the hourly spot trading volume dominance or BTC outflows on Kraken. Ju said that this initial lack of market disruption is a positive sign for Bitcoin.
As per the latest data from Arkham Intelligence, Mt. Gox moved a total of 37,477 BTC worth $2.5 billion 30 minutes ago. Since July 5, Mt. Gox has transferred a total of 52,549 BTC ($3.31B) to Bitstamp, Kraken, and Bitbank for repayment.
Amid today’s correction, the Bitcoin price has slipped under the average purchase price of $66.5k for holders who have held BTC for 1-3 months. As per CryptoQuant, as BTC breaks this crucial support level, the attention should shift to the 3-6 month holder average purchase price range of $63.6k.
Also, the spot Bitcoin ETFs saw its first outflow after 12 consecutive days of inflows. On tuesday, July 23, the spot BTC ETFs saw a total of $78 million in net outflows.
BTC Deposit Addresses on Decline
The on-chain data from CryptoQuant also shows that there’s a substantial decrease in the total deposit addresses for BTC across all exchanges, reaching a low of 250,000. This reduction in the deposit addresses highlights a major shift in the Bitcoin holding patterns among investors.
This drop in the total number of addresses ready to sell Bitcoins suggest that most holders prefer to retain their assets with the expectation of further price surge. Thus, this behavioral trend highlights a growing confidence among Bitcoin investors.
A decreased willingness to sell assets could reduce the overall Bitcoin supply in the market. With steady or increasing demand, this scarcity may drive up prices, signaling a bullish outlook and indicating expectations of higher future values.
While the BTC price is once again facing selling pressure, analysts noted that it must continue to hold above $65,000 to avert any major pullback from here. With the arrival of the spot Ethereum ETFs, it will be interesting to see whether the focus shifts to Ethereum.
Conclusion
In conclusion, the recent Mt. Gox distribution has led to a slight correction in the Bitcoin price, but analysts remain optimistic about the future prospects of the cryptocurrency. The decrease in BTC deposit addresses and the bullish trend among investors suggest that the price may continue to rise in the coming days.
FAQs
Q: What is the current price of Bitcoin?
A: As of press time, the price of Bitcoin is around $66,000.
Q: What is the impact of the Mt. Gox distribution on the Bitcoin price?
A: The distribution has led to a slight correction in the Bitcoin price, but analysts remain optimistic about the future prospects of the cryptocurrency.
Q: What is the current trend among Bitcoin investors?
A: The on-chain data suggests that most holders prefer to retain their assets with the expectation of further price surge, indicating a growing confidence among Bitcoin investors.
Q: What is the significance of the 3-6 month holder average purchase price range of $63.6k?
A: As BTC breaks this crucial support level, the attention should shift to this range, which may indicate a potential rebound in the price of Bitcoin.
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