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The risk of a Bitcoin crash caused by Mt Gox repayments has decreased to 75%, according to Arkham Intelligence, offering renewed hope for a market rally.
Mt Gox BTC Holdings Drop Below 25%
On Saturday, the on-chain analytics platform Arkham Intelligence announced that the risks of a Bitcoin meltdown caused by the repayment of Mt. Gox have reduced to nearly 75%. Concerned about a potential market collapse, institutional and ordinary investors sold off their Bitcoin holdings in July when the Mt. Gox Trustee began repaying them.
On August 24, Arkham Intelligence verified that the wallets of the struggling cryptocurrency exchange Mt. Gox now contain fewer than 25% BTC. This bodes well for Bitcoin bulls as it reduces the likelihood of further liquidation or crash caused by the payback.
As of March 2024, the value of 141,69K BTC held by Mt Gox wallets reached $10.12 billion, according to Arkham data. According to the statistics, this occurred on March 21. There are currently 32,900 Bitcoins, or $2.11 billion, in the wallet. In addition, creditors are likely to keep their Bitcoin holdings indefinitely because of the current bull run; they have not sold them yet.
$100,000 Bitcoin Target Gaining Ground
The experts agree that the road to $100,000 is significantly more obvious now that the US government's selloff of Bitcoin is the sole remaining big crash risk. In spite of selloffs caused by the German and US governments as well as the exchange's reimbursement, the crypto market's bulls remained resilient.
Despite Bitcoin's price repeatedly plunging below $60,000 in recent months, Mt. Gox has given approximately 110,000 BTC, or $6.6 billion, to creditors since July. This is a remarkable feat.
According to Coingape, both retail and institutional investors have been more bullish following the FOMC Minutes and the statement given by Fed Chair Jerome Powell, which strongly indicated that the Fed will decrease interest rates. The US Federal Reserve is becoming increasingly bullish on the idea of cutting interest rates, which bodes well for a possible monetary policy shift at the September FOMC meeting.
Golden Cross to Trigger Bull Run
In the following days, traders anticipate the creation of the 'Golden Cross' pattern, which suggests the prospect of a long-term bull market since the 50-DMA is expected to crossover over the 200-DMA.
Additionally, net inflows of $252 million were recorded by US spot Bitcoin ETF on Friday, increasing the total for the week to $506.4 million. A seven-day streak of inflows into the eleven Bitcoin ETFs lends credence to predictions of a huge BTC surge this year.
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