CryptoQuant CEO Dispels Mt. Gox FUD, Says Whales Eye Discounted Purchases
- WBOYOriginal
- 2024-07-19 16:09:44849browse
Speculative "FUD" (fear, uncertainty, and doubt) surrounding perceived unfavorable occurrences, rather than the underlying fundamental selling activity, is what most threatens Bitcoin's price, according to Ki.
Ki Young Ju, the CEO of CryptoQuant, claims that the impact of Mt. Gox repayments on Bitcoin is being overstated, with whales preparing to buy more.
CryptoQuant CEO downplays Mt. Gox FUD
The impact of Mt. Gox repayments on Bitcoin is currently being exaggerated, and whales will likely use the opportunity to buy more Bitcoin at a discount, according to Ki Young Ju, CEO of CryptoQuant.
Ki wrote in a post on X to Z on July 16 that
Bitcoin price is more influenced by speculative “FUD” (fear, uncertainty, and doubt) over perceived negative events, rather than the actual underlying fundamental selling activity, Ki stated.
Bitcoin Whales瞄准折扣购买
Despite the “panic selling” by many, Ki claims that "smart money" is continuing to increase its Bitcoin holdings.
Ki pointed to a post from July 10 that included data showing "permanent holders" — large self-custodial wallets that made no withdrawals — accumulating 85,000 BTC in 30 days.
Mt. Gox Trustee Bitcoin Movements
Over the past few weeks, the Mt. Gox trustee has moved funds several times from cold wallets to hot wallets. According to Arkham Intelligence, Mt. Gox currently holds 138,985 BTC, valued at approximately $8.93 billion.
On July 5, defunct Japanese crypto exchange Mt. Gox notified creditors that it had begun returning over 140,000 Bitcoin to customers who lost funds in a massive 2014 hack.
Downside in Bitcoin Market Countered
However, head of research at Galaxy Digital Alex Thorn countered the anticipated downside, calculating that only 65,000 out of 141,000 total Bitcoin may hit the market.
Experts also told Cointelegraph that they believed the worst of the sell pressure from Mt. Gox sales had already been "priced in" and that the Bitcoin price action had likely leveled off.
According to TradingView, the price of Bitcoin is currently $65,154, up 12% in the last seven days. It rebounded from two-month lows of $53,500 on July 4.
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