Mt. Gox Bitcoin Distributions Won't Be That Bad And Ethereum ETF Could Surprise: Galaxy Research
Portfolio Pulse from Khyathi Dalal
Galaxy Research's Alex Thorn predicts minimal market impact from Mt. Gox Bitcoin distributions and is optimistic about Ethereum ETF inflows. He estimates only 64,000 BTC will be distributed, with minimal immediate selling. Thorn also projects $1 billion monthly inflows for Ethereum ETFs, potentially outperforming Bitcoin ETFs.
June 28, 2024 | 6:00 pm
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NEUTRAL IMPACT
Alex Thorn of Galaxy Research predicts minimal market impact from the upcoming Mt. Gox Bitcoin distributions, estimating only 64,000 BTC will be distributed with minimal immediate selling.
Thorn's analysis suggests that the majority of Mt. Gox creditors are long-term holders, which implies that the sell pressure will be less than expected. This reduces the likelihood of a significant negative impact on Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Alex Thorn of Galaxy Research is optimistic about Ethereum ETF inflows, projecting $1 billion per month for the first five months, potentially outperforming Bitcoin ETFs.
Thorn's projection of significant inflows into Ethereum ETFs suggests strong demand, which could positively impact Ethereum's price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100