Has Bitcoin survived the Mt. Gox threat? Our take on Bitcoin

Given the inflows and demand for BTC spot ETFs, it is unlikely that the bull market will end due to Mt. Gox redemptions. 48,000 BTC has been transferred to exchange wallets but has not been sold yet. There may be a slight correction, but the bull cycle is far from over. FUD (Fear, Uncertainty, and Doubt) is overvalued. BTC market cap is growing faster than the realized cap, showing strong demand. Since 2023, a total of $224 billion worth of BTC has been sold, while the price has increased by 350%. Even if $3 billion worth of BTC from the Mt. Gox redemption is sold on Kraken, this is a manageable 1% of the realized cap.

BTC is still vulnerable to speculative FUD. That's its only weakness. While you were panicking over German government selling FUD, someone was buying BTC. According to Bitcoin Magazine, the price of Bitcoin has risen by about 13% since the German government completed its sell-off. Currently, BTC is trading at around $65.3K on CoinMarketCap.

The bull run has also been fueled by increased liquidity in Bitcoin spot ETFs. In a single day, $260 million flowed into the BlackRock BTC Spot ETF IBIT. The BTC Spot ETF IBIT saw $29 million in volume in the pre-market. Jason Piccino, a crypto analyst with 330,000 YouTube subscribers, believes that BTC is on the verge of a strong bullish reversal based on the Elliott Wave theory and that the current bull cycle will end around April next year, according to the Daily Hodler.

In addition, the Bitcoin Coinbase premium, a key investor gauge of the price difference between Coinbase and Binance exchanges, recently hit a three-month high. We analyze this as evidence that U.S. market confidence is reviving.