Why the Mt. Gox Repayments May Not Hurt the Bitcoin Price Much - Ep. 666
Galaxy’s Alex Thorn explains why the Bitcoin repayments will likely have a smaller impact on the Bitcoin price than feared. Plus, he gives a projection for inflows into spot Ethereum ETFs, and says a Solana ETF has a hard path to approval.
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Show Notes
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:
- 00:00 Intro
- 02:04 Why Alex estimates the amount of bitcoins that creditors sell will be a tiny fraction of the 142,000 to be repaid
- 13:35 What market shocks could arise from Mt. Gox creditors receiving billions in Bitcoin, and why he believes Bitcoin Cash is the real wild card
- 18:18 Whether Ethereum ETFs could be as successful as Bitcoin ETFs in attracting investors
- 23:06 Whether potential outflows from Grayscale's Ethereum Trust will dampen the excitement around Ethereum ETFs
- 25:07 How the combination of Mt. Gox repayments, Ethereum ETFs, and German and American government Bitcoin sales might affect crypto prices
- 27:32 The chances the SEC approves a spot Solana ETF
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Guest
- 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 |
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