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WHALES SELLING BITCOIN? (Eruptions Market Report 6-28-24)

Cryptocurrency markets are faced with downside risk in July due to potential selling pressure from the creditors of defunct bitcoin exchange Mt. Gox, JPMorgan (JPM) said in a research report on Wednesday.

The trustee of Mt.Gox exchange said earlier this week that it would make repayments to creditors in July. JPMorgan notes that the announcement unsettled crypto markets due to concerns that some creditors will dump their bitcoin in July as soon as they receive them. Creditors are set to receive 142,000 bitcoin worth about $9 billion at current prices.

“This fear is justified given the recent behavior of Gemini creditors which are assumed to have liquidated part of the crypto assets received in recent weeks,” analysts led by Nikolaos Panigirtzoglou wrote.

The bank said by looking at the negative price action in crypto markets since May 29th, it is “fair to assume that some of Gemini creditors, which are mostly retail customers, have taken at least partial profit in recent weeks.” Gemini announced on May 29 that its Gemini Earn users had received all their digital assets back in-kind, following its settlement with Genesis.

JPMorgan notes that while there is an October deadline for repayment to Mt Gox. creditors, most of the reimbursements are expected to happen in July.

If most of the liquidations by Mt. Gox creditors do occur in July, crypto markets are expected to sell off next month then rebound in August, the report said.


This is a excellent opportunity for a case study on market psychology.

Firstly, let's establish the three previous times the Mt. Gox FUD (Fear, Uncertainty, and Doubt) nonsense was peddled.

March 6 2023

Nov 22 2023

Jan 6 2024

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