Two Unusual Whales to Keep An Eye On

Article source, here.

TL;DR

• Mt. Gox recovered around 138k BTC (~$4B USD) which it will return to its creditors in October.

• The US Government has been seizing BTC over the past few years and now holds ~205k BTC (worth ~$6B USD today).

• The big questions on people's minds are: what happens when those creditors see their money for the first time in roughly a decade? And when will the US Government start selling their BTC off?

Full Story

Everyone knows about some of the famous BTC whales - Michael Saylor/MicroStrategy, Cathie Wood/ARK Invest etc.

But there are two whales making 'waves' (bad pun, sticking by it) in the markets right now...Mt. Gox and The US Government.

Mt. Gox was a crypto exchange that closed down in 2014 after a  massive hack . When we say massive, we mean ~$25B at today's valuation was stolen from Mt. Gox customers and the company itself.

Mt. Gox recovered around 138k BTC (~$4B USD) which it will return to its creditors in October.

The US Government has been seizing BTC over the past few years and now holds ~205k BTC (worth ~$6B USD today).

The big questions on people's minds are: what happens when those creditors see their money for the first time in roughly a decade? And when will the US Government start selling their BTC off?

On one hand, $6B+ is a lot for the market to absorb.

On the other hand, bringing the Gt. Gox and US Gov's holdings back into circulation isn't necessarily a bad thing - it would bring further liquidity into the markets and could spur a rush of trading.

For now, it's unclear when the US Government will offload their BTC, if ever.

As for long term investors, while it's something to keep an eye on, it won't have a huge impact overall.