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Ten and a half years after filing for bankruptcy, Mt. Gox is finally set to disburse 142,000 Bitcoin worth nearly $9 billion to creditors between July and October.
Market concern has been growing over the potential impact on Bitcoin prices, but Alex Thorn, head of research at Galaxy, explains why only a small fraction of those bitcoins will be sold. He also discusses the implications of this redistribution on the market, the potential success of Ethereum ETFs, and the chances of a Solana ETF approval.
Show highlights:
- Why Alex estimates the amount of bitcoins that creditors sell will be a tiny fraction of the 142,000 to be repaid
- What market shocks could arise from Mt. Gox creditors receiving billions in Bitcoin, and why he believes Bitcoin Cash is the real wild card
- Whether Ethereum ETFs could be as successful as Bitcoin ETFs in attracting investors
- Whether potential outflows from Grayscale’s Ethereum Trust will dampen the excitement around Ethereum ETFs
- How the combination of Mt. Gox repayments, Ethereum ETFs, and German and American government Bitcoin sales might affect crypto prices
- The chances the SEC approves a spot Solana ETF
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EPISODE TRANSCRIPTGuest
- Alex Thorn, head of research at Galaxy
- Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Links
Mt. Gox.
- Unchained: Crypto Market Sees $300 Million Liquidated as Bitcoin Briefly Drops Below $59,000
- CoinDesk: Mt. Gox to Begin Repayments in July
Governments selling:
- Unchained: US Government Sends $241 Million in Bitcoin to Coinbase: Arkham
- Cointelegraph: German gov’t offloads 900 Bitcoin, 400 BTC sent to Coinbase and Kraken
Solana ETF
Reuters: Investment manager VanEck files to list first spot Solana ETF in US |
