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MtGOX Bitcoin Distribution and GBTC Repricing: Major Market Impact Expected

23/01 16:08

According to the dForce founder, Mindao YANG: Major movements in the world of Bitcoin are on the horizon, set to significantly affect the cryptocurrency's supply dynamics over the subsequent months. The Bitcoin distribution from the MtGOX bankruptcy court, often aimed to return lost funds to creditors, is likely to release approximately 200K BTC into the market over the next two months. Moreover, another sizeable sum of over 600K BTC is expected to hit the market due to the Grayscale Bitcoin Trust (GBTC) repricing. Grayscale's lock-up period will be coming to an end, allowing more Bitcoin to flow back into the marketplace. Interestingly, these substantial amounts of additional supply will coincide with Bitcoin's 2024 halving event taking place in April. This event typically takes place every four years, slashing the issuance rate by 50% and thereby reducing the annual Bitcoin supply increase by 160K BTC.

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