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SOL Supply Dynamics Improved, BTC Correlations Suggest Changing Market Dynamics

May 29, 2024 • 7 Min Read
Author
Sean Farrell
Sean Farrell AC

Gox Risk Overblown

In a piece in late April, we noted a high likelihood that Mt. Gox repayments would begin toward the end of May or in early June. On Tuesday, the transfer of nearly 142k BTC, valued at approximately $9 billion, from Mt. Gox wallets to an unknown address generated a bearish market reaction. This transfer, likely part of a plan to repay creditors by October 31st, began in the early Asian morning hours. The immediate market response featured Bitcoin dropping to a low of $67,680 after reaching a high of over $70,000 on Monday. Concerns about potential selling pressure from such a ...

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