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Large transaction from Mt. Gox wallet weights on BTC – London Business News | Londonlovesbusiness.com
Bitcoin’s (BTC) value declined on Tuesday after a large quantity of BTC was transferred from Mt. Gox’s cold wallet.
This large transaction has raised concerns among investors for a possible massive liquidation of the assets, contributing to the near-term bearish momentum of the cryptocurrency.
The risks of a large-scale liquidation could continue to cast a shadow on the market in the middle of a volatile period.
However, increasing institutional interest and strategic corporate investments suggest a potentially bullish long-term outlook. In this regard, spot Bitcoin ETFs have seen $300 million in inflows, pushing BTC prices close to $65,000 on Monday.
BTC ETFs inflows extended the positive trend recorded last week. These large inflows could help maintain the rebound the cryptocurrency is seeing at the moment.
This influx indicates strong investor confidence in Bitcoin’s long-term value. In this regard, Japan’s Metaplanet has increased its Bitcoin holdings by 21.88 BTC following MicroStrategy in accumulating the cryptocurrency.
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