The potential for Mt. Gox payouts to disrupt supply dynamics could become a significant overhang on the bitcoin market, analysts observed.
Bitcoin's price may be hampered by uncertainty surrounding the potential Mt. Gox bitcoin supply hitting the market by October, QCP Capital's analysts said. However, according to the team's report on Thursday, this uncertainty could potentially benefit ether upon the launch of the spot ETH ETF.
"If creditors decide to liquidate their holdings quickly, the market could see an increase in bitcoin supply. This scenario would likely lead to a sharp decline in bitcoin prices due to the sudden influx of sell orders. Such an event could trigger a cascade of further selling as panic spreads among other holders," Bitfinex analysts told The Block.
One group of memecoins, PolitiFi tokens, has posted the most notable gains over the past week. The top three memecoins by market capitalization in CoinGecko's PolitiFi category account for approximately 82% of the category's total market capitalization of $1.58 billion. The top three by market cap are MAGA , up 36% in the past week, ConstitutionDAO , up 12% in the past seven days and MAGA hat , increasing by 603% in the same period, according to CoinGecko.
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