Bitcoin (BTC) News Today: Mt. Gox and BTC-Spot ETF Outflows Shake Market Sentiment

Market Overview

On Tuesday, July 23, BTC declined by 2.52%. Following a 0.08% loss on Monday, July 22, BTC ended the session at $65,895.

Mt. Gox Sends BTC to Bitstamp to Repay Creditors

On Tuesday, Arkham Intelligence shared the news of Mt. Gox transmitting 5,110 BTC ($340.1 million) to four Bitstamp addresses.

The transfer is part of over 141,000 BTC repayment to creditors after Mt. Gox collapsed in February 2014. BTC had a price of less than $600 in February 2014. A 10-year wait has Mt. Gox creditors sitting on sizeable gains. The broader market fears that oversupply could affect BTC prices.

Kraken Distributes Mt. Gox BTC to Creditors

Kraken sent BTC on behalf of Mt. Gox, affecting buyer demand for BTC.

Kraken CEO David Ripley commented on the BTC transfers, saying,

“Kraken has successfully distributed BTC and BCH from the Mt. Gox estate back to its creditors. It’s been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty.”

Expert Insights

Cryptoquant.com founder and CEO Ki Young Ju commented on trading volumes after Kraken funded creditors’ wallets, stating,

“Mt. Gox creditors received bitcoin 4 hours ago. There has been no significant spike in hourly spot trading volume, dominance, or BTC outflows on Kraken since then. We need to wait for the Asian time zone, but it’s a positive sign so far. “

However, investors remained cautious about BTC oversupply possibly sending BTC below $50,000.

US BTC-Spot ETF Market Flow Trends Reflect Investor Caution

On Tuesday, concerns about oversupply influenced US BTC-spot ETF market flow trends.

According to Farside Investors,

• On Tuesday, Bitwise Bitcoin ETF (BITB) had net outflows of $70.3 million.
• ARK 21Shares Bitcoin ETF (ARKB) reported $52.3 million in net outflows.
• Fidelity Wise Origin Bitcoin Fund (FBTC) had zero net flows.
• Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market saw total net outflows of $149.9 million.
• On Monday, IBIT reported total net inflows of $526.7 million.

Another jump in net inflows for IBIT could calm investor fears about an oversupply and extend the BTC-spot ETF market inflow streak to 13 sessions. However, a spike in sales volume could reduce buyer demand for US BTC-spot ETFs and BTC.

SEC Approves US ETH-Spot ETFs

On Tuesday, US issuers launched ETH-spot ETFs. It was a mixed first session. According to Farside Investors,

• Grayscale Ethereum Trust (ETHE) saw net outflows of $484.1 million.
• Bitwise Ethereum ETF (ETHW) reported net inflows of $204.0 million.
• Excluding flow data for (ETHA) and Invesco Galaxy Ethereum ETF (QETH), the US ETH-spot ETF market had total net outflows of $165.4 million.

Bloomberg Intelligence Senior ETH Analyst Eric Balchunas reacted to the first day of flow data, stating,

“That’s a lot. Like 5% of the fund. Not sure The Eight newbies can offset w inflows at this magnitude. On flip side may be its for best just to get it over with fast, like rippling a band aid off.”

US ETH-spot ETF market flow trends will influence near-term ETH price trends.

Investors should remain alert. Mt. Gox-related updates and US crypto-spot ETF flow data will influence the crypto market. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up-to-date with our latest news and analysis to manage crypto market risk.

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, affirming the bullish price signals.

A BTC return to $67,500 would support a move toward the $69,000 resistance level. A breakout from the $69,000 resistance level and $70,000 handle could give the bulls a run at the all-time high of $73,808.

BTC-spot ETF market flow trends and Mt. Gox-related updates require consideration.

On the other hand, a break below the $64,000 support level and the 50-day EMA could signal a drop toward the $60,365 support level.

With a 59.47 14-Daily RSI reading, BTC could break above $70,000 before entering overbought territory.

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs, sending bullish price signals.

A breakout from the $3,480 resistance level could give the bulls a run at $3,600. A return to $3,600 could signal a move toward the $3,835 resistance level.

US ETH-spot ETF market flow trends require consideration.

Conversely, an ETH break below the 50-day EMA may bring the $3,244 support level into play.

The 14-period Daily RSI reading, 56.67, suggests an ETH move to the $3,835 resistance level before entering overbought territory.