Amid the continued volatility of Bitcoin (BTC) due to the Trump administration's trade war aftermath, a large volume of Mt. Gox redemption is pouring into exchanges, putting the $80,000 support line to the test.
According to CoinMarketCap, a global virtual asset market site, BTC was traded at $82,291.57 as of 8 AM on the same day. This is a 0.09% decrease from the previous day. At the same time, Ethereum (ETH), the leading altcoin, recorded a 0.64% drop at $1,805.28. XRP fell by 0.99%, trading at $2.139 per coin. Solana (SOL) rose by 1.36% to $124.97.
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At the domestic exchange Bithumb, BTC recorded a 0.37% decrease at 123,174,000 won. ETH dropped 0.26% to 2.7 million won, while XRP rose 0.03% to 3,199 won.
Amid the spread of global trade war concerns, the large-scale movement of Mt. Gox's BTC is dampening investor sentiment. Mt. Gox, which went bankrupt in 2014, began repaying BTC and Bitcoin Cash (BCH) creditors last year. According to the on-chain data tracking platform Ackam Intelligence, Mt. Gox has been moving large amounts of BTC redemption funds several times this month. Following the detection of a movement of $1 billion (approximately 1.471 trillion won) worth of BTC on the 6th, they also deposited $77.43 million (approximately 11.38 billion won) worth of BTC into the global exchange Kraken on the 25th.
Inky Jo, an analyst at the global multi-asset exchange Xness, said, "The short-term decline of BTC is due to selling concerns from major whales, including Mt. Gox," and "Recently, Mt. Gox has been actively moving tens of thousands of BTC, and long-dormant ETH whales are also depositing large amounts of ETH into Kraken, showing whale movements."
The US BTC spot ETF saw net outflows for the first time in 11 trading days. According to Passaic Investor, $93.2 million (approximately 13.71 billion won) was net outflowed from the BTC spot ETF on the 28th (local time).
Meanwhile, the Crypto Fear and Greed Index from the virtual asset data analysis company Alternative.me maintained a "fear" state at 32 points, a 6-point increase from the previous day. This index indicates that the lower the number is close to 0, the more contracted the investment sentiment, while closer to 100 indicates market overheating.
- Reporter Kim Jung-woo
- woo@sedaily.com
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