Mt. Gox Bitcoin Repayments Likely Disabling Half Inflows into Bitcoin ETFs
Key Points:
- According to Bloomberg analyst Eric Balchunas, Mt. Gox Bitcoin repayments are equivalent to offsetting more than half of ETF inflows.
- Mt. Gox will begin distributing 141,686 Bitcoin stolen in a 2014 hack in early July.
- The Mt. Gox Bitcoin repayments, valued at over $9 billion, could impact the market as early investors receive compensation.
Eric Balchunas, senior ETF analyst at Bloomberg, noted that the funds involved in Mt. Gox’s repayment could offset more than half of the inflows into Bitcoin ETFs, a huge volume that the market is seeing.
MT. Gox Bitcoin Repayments Are Not a Small Number
“Everyone is like ‘but how do we know they are going to sell their btc’ Which is a fair point. Still tho I was more just commenting on just how big $9b is. That’s a lot of money,” Balchunas said.
Defunct cryptocurrency exchange Mt. Gox has announced plans to commence the distribution of assets stolen in a 2014 hack starting the first week of July, marking a significant milestone after years of delays. Following Mt. Gox’s announcement, Bitcoin prices experienced a slight dip, dropping from over $62,300 to under $61,600.
Trustee Nobuaki Kobayashi confirmed the Mt. Gox Bitcoin repayments, said it as a step towards repaying creditors, though specific repayment timelines were not disclosed initially.
Milestone in Cryptocurrency Theft Recovery
Mt. Gox, once the dominant player in the cryptocurrency market, fell victim to a massive cyber attack in early 2014, losing approximately 740,000 Bitcoin valued at $15 billion today. The upcoming Mt. Gox Bitcoin repayment involves 141,686 Bitcoin currently held by Mt. Gox, which is worth over $9 billion. Early investors and creditors, some waiting for over a decade, are expected to receive compensation, potentially adding selling pressure to Bitcoin markets as these assets enter circulation.
The exchange’s rehabilitation has been closely monitored by the cryptocurrency community, with periodic updates on the claims system and completion dates for repayments. In May, Mt. Gox transferred at least $2.9 billion in Bitcoin for the first time in five years.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Mt. Gox Bitcoin Repayments Likely Disabling Half Inflows into Bitcoin ETFs
Key Points:
- According to Bloomberg analyst Eric Balchunas, Mt. Gox Bitcoin repayments are equivalent to offsetting more than half of ETF inflows.
- Mt. Gox will begin distributing 141,686 Bitcoin stolen in a 2014 hack in early July.
- The Mt. Gox Bitcoin repayments, valued at over $9 billion, could impact the market as early investors receive compensation.
Eric Balchunas, senior ETF analyst at Bloomberg, noted that the funds involved in Mt. Gox’s repayment could offset more than half of the inflows into Bitcoin ETFs, a huge volume that the market is seeing.
MT. Gox Bitcoin Repayments Are Not a Small Number
“Everyone is like ‘but how do we know they are going to sell their btc’ Which is a fair point. Still tho I was more just commenting on just how big $9b is. That’s a lot of money,” Balchunas said.
Defunct cryptocurrency exchange Mt. Gox has announced plans to commence the distribution of assets stolen in a 2014 hack starting the first week of July, marking a significant milestone after years of delays. Following Mt. Gox’s announcement, Bitcoin prices experienced a slight dip, dropping from over $62,300 to under $61,600.
Trustee Nobuaki Kobayashi confirmed the Mt. Gox Bitcoin repayments, said it as a step towards repaying creditors, though specific repayment timelines were not disclosed initially.
Milestone in Cryptocurrency Theft Recovery
Mt. Gox, once the dominant player in the cryptocurrency market, fell victim to a massive cyber attack in early 2014, losing approximately 740,000 Bitcoin valued at $15 billion today. The upcoming Mt. Gox Bitcoin repayment involves 141,686 Bitcoin currently held by Mt. Gox, which is worth over $9 billion. Early investors and creditors, some waiting for over a decade, are expected to receive compensation, potentially adding selling pressure to Bitcoin markets as these assets enter circulation.
The exchange’s rehabilitation has been closely monitored by the cryptocurrency community, with periodic updates on the claims system and completion dates for repayments. In May, Mt. Gox transferred at least $2.9 billion in Bitcoin for the first time in five years.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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