- Mount Gox moved another $2.47 billion BTC to Bitstamp for refunds.
- QCP Capital analysts predicted that a likely subdued price would continue until November.
Mount Gox moved another $2.47 billion Bitcoin [BTC] during the early Asian trading session on Wednesday, July 24. According to Arkham Intelligence factsthe funds were moved to Bitstamp addresses to assist with the ongoing refund process.
‘Mt. Gox moved a total of $2.47 billion BTC to new wallets this morning to distribute 5,106 BTC ($335.8 million) of BTC to 4 separate Bitstamp addresses.”
Arkham added that the exchange sent 10,216 BTC ($675.9 million) to Bitstamp and was one of five exchanges the Mount Gox Trustee worked with to refund money to victims.
Mount Gox left with $5.3 billion in BTC
Last week, Kraken received $3 billion worth of BTC (48,641 BTC) from Mount Gox for refunds to creditors. The Kraken payoff was rounded on Tuesday and confirmed by the exchange and some recipients.
The recent $2.47 billion sent to BitStamp brings Mount Gox’s holdings to $5.3 billion, per Arkham. Some market observers believe that the remaining BTC amount could be released next week, providing BTC with some much-needed relief.
however, the The United States Government was another BTC supply squeeze that could delay relief.
Meanwhile, the first week of Mt Gox redemptions through Kraken may not put downward pressure on the BTC price.
Recent facts showed a significant outflow of currency from Kraken after the payout, suggesting that some victims had withdrawn their assets into cold wallets.
Source: Glassnode
This suggested that the short-term redemption could limit downward selling pressure on BTC.
Interestingly, Mt Gox distributed around 49,000 BTC in mid-July, but the price of the cryptocurrency did not fall below $60,000. This has led some market observers to believe that the remaining refund could be absorbed without huge withdrawals.
Nevertheless, according to QCP Capital analysts, the options market painted redemptions with a cautious outlook and expected downward movement. The analysts predicted a moderate price for BTC until momentum builds.
“Given that the ETH Spot ETF may not initially impact prices, coupled with potential selling pressure from the US government and Mount Gox, prices may remain subdued until momentum builds leading to the elections.”
At the time of writing, BTC was defending the $66k level despite a slight decline to the $65k region on Tuesday. If QCP Capital analysts’ projection comes true, BTC’s retest of the range high at $71K could be postponed.