Mt.Gox repayment crash ended in October, Metaplanet once again expanded its Bitcoin holdings under the current circumstances! Analyst: Bitcoin's unrealized profits are high, and there is still new selling pressure

Metaplanet, a Tokyo Stock Exchange-listed company, recently purchased another 42.47 Bitcoins. The purchase is worth about 400 million yen (about $2.3 million).

Previously, Metaplanet acquired 200 million yen worth of Bitcoin last week. In the past four months, the company has purchased Bitcoin five times and currently holds more than 203 Bitcoins. The total value of their Bitcoin assets is about 2 billion yen (more than $11 million). Metaplanet's average purchase price per Bitcoin is about $58,500.

Metaplanet, traditionally known for hotel development and real estate, is now using Bitcoin as a reserve asset. This strategic shift is aimed at easing Japan's economic challenges. It reflects a global trend that companies similar to MicroStrategy are increasingly using Bitcoin to hedge against economic uncertainty.

As of July 7, listed companies around the world hold a total of 324,295 Bitcoins. MicroStrategy leads the pack, holding 226,331 bitcoins, or more than half of its market cap, according to BitcoinTreasuries.net.

Mt. Gox repayments continue to impact bitcoin markets

Mt. Gox, once the world's largest bitcoin exchange, was hacked in 2014 and lost 850,000 bitcoins. After nearly a decade of bankruptcy proceedings, restitution began in July and is expected to end in October. The exchange will repay 142,000 BTC and 143,000 BCH to creditors.

According to Arkham, on July 5, Mt. Gox transferred 47,229 BTC (worth $2.71 billion) from its cold wallets. Of that, 1,544.7 BTC ($84.9 million) was sent to the exchange Bitbank, and another 1,157.1 BTC was sent to an unknown address, presumably another repayment exchange.

Mt. Gox repayments could last until October

Mt. Gox repayments are expected to last until October. Creditor and Off the Chain Capital CEO Brian Dixon noted that many creditors have yet to receive payments.

“We are still waiting for distributions. I have not heard of anyone actually receiving payments from Mt. Gox,” Dixon said.

FRNT Financial Inc. CEO Stephane Ouellette believes that the market may be overreacting to the Mt. Gox repayments. He believes that the German government’s potential liquidation of $2.3 billion worth of Bitcoin poses a greater threat.

“Not all of Mt. Gox’s distributed Bitcoins will be sold. The market is looking for an explanation, and Bitcoin bulls are seeing this as an excellent buying opportunity,” Ouellette commented.

There is a possibility of further selling pressure

Analyst Axel Adler Jr. warns that ordinary investors currently have 84% of unrealized profits in Bitcoin. If the price approaches the average of $52,200 (PR Bands), unrealized profits may decrease by about 14%, which may trigger a sell-off.

Axel Adler Jr believes that the current price level worth paying attention to is $46,400, which is the average purchase price of Bitcoin in the past year.

Bitcoin's price has also experienced a drop of about 2.5% in the past 24 hours, and the current trading price of Bitcoin is $55,525.