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- Mt Gox Bitcoin Distribution Begins
Mt Gox Bitcoin Distribution Begins
Plus Germany Continues Bitcoin Dump
The Breakdown First Five - Monday, July 8, 2024
Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.
![Mt Gox Bitcoin Distribution Begins](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c90bb847-2da5-4eb3-8e75-69a21a6bdd7f/image.png?t=1720450828)
5. Bitcoin Falls Below $55k
Bitcoin had a massive stumble over the holiday weekend, falling below $55,000 twice. The past week was the worst drop since November 2022, closing the candle down 14%. The drawdown from the highs is now at 24%, again the worst we’ve seen since this bull run kicked off. Sentiment is icy and the FUD is coming thick and fast.
Bitcoin's all time longest winning streak has just ended. 427 days without a 25% drawdown. Beat the 2012 record by 63 days. Pretty incredible run we've had and well overdue for a correction.
— Charles Edwards (@caprioleio)
8:44 AM • Jul 5, 2024
4. ETF Buyers Buying
Completely undeterred by mounting FUD, on Friday Bitcoin ETFs recorded their strongest inflows in over a month. $143M was added to the funds, with Fidelity and Bitwise both putting up strong performances. Whether this was simply market makers taking advantage of an after hours dislocation or retail buying the dip, it seems that ETF buyers aren’t looking to capitulate at the first sign of trouble ahead.
~$30,000,000 inflows into $BITB today.
Bitwise PM team efficiently purchased Bitcoin at less than half of 1 basis point of cost.
Cumulatively this week $BITB had >$66,000,000 of inflows, and now holds over 38,000 Bitcoin for investors.
The outlook for Bitcoin has never been… x.com/i/web/status/1…
— Hunter Horsley (@HHorsley)
10:16 PM • Jul 5, 2024
3. Samourai Founder Bailed
William Lonergan Hill aka TDev has been released on bail. He faces money laundering charges in relation to his work as a co-founder of Samourai wallet. The DOJ agreed to bail, but were not comfortable with Hill returning to his home in Portugal. The next hearing in relation to the Bitcoin privacy tool will be next week and Hill intends to fight the charges.
Good morning. Today is a good day. The US Government has agreed to release TDev on bail, according to a letter filed on July 3rd.
TDev's defense makes incredibly smart arguments, stating that the US Government's prosecution is as "aggressive as it is expansive, akin to charging… x.com/i/web/status/1…
— L0la L33tz (@L0laL33tz)
9:38 AM • Jul 6, 2024
2. Germans Continue Dumping
The German government is not easing up on their liquidation. They attempted to force through $172M in sales on the 4th of July, but a significant portion was returned unsold. We’re now 15% through the massive $3.2B stack. There’s still another 8 weeks of supply at the current pace. A German independent MP is beginning to question the strategy, suggesting that lawmakers have no strategy in dumping their Bitcoin instead of holding it as reserves.
The Germans really did nuke freedom money on America's birthday.
This aggression will not stand.
— 𝐓𝐗𝐌𝐂 (@TXMCtrades)
4:33 AM • Jul 5, 2024
1. Mt Gox Coins Moving
The time has come. The Mt Gox unlock has begun. After more than a decade of waiting, the Mt Gox coins are finally moving. Around $85M has been moved to Bitbank and around 47,000 Bitcoin is being prepared for other distribution agents. No individual creditors are expected to get access to their Bitcoin for weeks if not months, but the process has started. Selling pressure is as yet unknown, but traders are getting out of the way of the mother of all FUD events.
i explained my reasoning on gox hodling in depth below
even if i’m right that these coins are not going to be dumped en masse by creditors, the fear is palpable, particularly w/ the germans also dumping on us
we’ll get through this overhang & never have to talk about it again
— Alex Thorn (@intangiblecoins)
1:22 AM • Jul 5, 2024