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Crypto trader and investor Daan Crypto Trades predicts a temporary market scare following the distribution of Bitcoin (CRYPTO: BTC) from defunct cryptocurrency exchange Mt. Gox.
What Happened: Daan elaborated that some coins will be sent to exchanges, some to unknown wallets and some will remain idle. The real impact of this distribution, he believes, will only become clear over time.
He predicted that a majority of the selling is likely to happen at the beginning and will slowly fade out just like the GBTC outflow case.
Also Read: Mt. Gox Bitcoin Distributions Won’t Be That Bad And Ethereum ETF Could Surprise: Galaxy Research
Why It Matters: The Mt. Gox wallets have been a source of fear, uncertainty and doubt (FUD) in the crypto market for years. The distribution of these coins, according to Daan Crypto Trades, may initially cause a stir, but will eventually fade out.
The trader also said that after the initial week or two, people will stop talking about it every day and the market will return to its regular operations.
Despite the short-term unease, Daan Crypto Trades sees this as a positive development in the long run. He concluded, "So although it’s not nice short term, getting this massive supply overhang out of the way sets the market up nicely in the long run."
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
Read Next: Mt. Gox To Start Repaying Bitcoin In July: $9B In Sell Pressure Coming?
Posted In: $BTC
