Analysis of Bitcoin Whales Amid Mt. Gox FUD

CryptoQuant CEO Ki Young Ju believes that Bitcoin is still susceptible to “speculative FUDs,” allowing savvy investors to acquire Bitcoin at discounted prices.

• The impact of Mt. Gox’s repayments on Bitcoin is overestimated.
• Whales are likely to capitalize on the situation to accumulate more BTC at lower prices.
• Price of Bitcoin vulnerable to speculative FUD rather than fundamental selling activity.

Smart Money vs. Panic Selling

Ju highlighted that despite panic selling by some investors, smart money continues to accumulate more Bitcoin. Large individual custodial wallets show accumulation of 85,000 BTC in the past 30 days.

Mt. Gox Trustee Actions

Recent actions by the Mt. Gox trustee, involving shifting funds from cold wallets to hot wallets, have been noted.

• Mt. Gox holds 138,985 BTC valued at approximately $8.93 billion.
• Returning of recovered Bitcoin to users who lost funds in 2014 hack.

Market Response and Analysis

Analysts suggest that much of the potential sell pressure from Mt. Gox sales is already factored into the market. The recent price action of Bitcoin seems to reflect this sentiment, with a 12% increase over the past week.

Bitcoin is currently trading at $65,154, rebounding from lows of $53,500 on July 4. The overall outlook remains positive despite concerns surrounding Mt. Gox FUD.