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Bitcoin: How Mt. Gox’s $9B BTC transfer failed to stir the market

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Mt.Gox made a splash in the Bitcoin market when they transferred over $9 billion worth of the token, but Netflow remains unfazed.

movements originating from the defunct crypto exchange Mt. Gox. Despite these notable transfers, data indicates that the BTCs have yet to enter the market and have had no impact so far.

Conversely, on 29th May, there was a positive flow of around 3,270 BTC, worth over $248 million. While these figures are notable, they do not stand out as extraordinary.Additionally, analysis of the Bitcoin supply on exchanges using Santiment data revealed no significant movements. While this suggests that more Bitcoin entered exchanges over the last three days, the increase was not substantial enough to influence prices. As of the current writing, the supply on exchanges stands at over 972,000.As of the current assessment, the Open Interest was almost $35 billion, with its peak in recent months reaching around $39 billion.

 

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