Mt. Gox Outflow's Impact on Bitcoin Price: CryptoQuant CEO Explains

IconCryptoNewsTerminal Staff08 Jul, 2024

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Mt. Gox Outflow's Impact on Bitcoin Price: CryptoQuant CEO Explains

CryptoQuant CEO Ki Young Ju recently provided insights into the impact of the recent Mt. Gox outflow on Bitcoin's price. Despite the movement of 47,000 BTC to an external address, Ju noted that there has been no significant price impact. He suggested that the movement could be attributed to various factors, such as improved security measures, over-the-counter trades, or brokerage services. Notably, 1,500 BTC was received by Bitbank without any discernible buying surge. Ju acknowledged that if the outflow was related to brokerage services, it could potentially create sell pressure. However, he emphasized that such a large amount of BTC could not be sold on exchanges without generating on-chain activity. Overall, Ju's analysis downplays the immediate impact of the Mt. Gox outflow on Bitcoin's price, while highlighting the possibility of future sell pressure.

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