Bitcoin has been hovering around $61,000 after briefly spiking to $58,000 earlier this week. This morning, it has once again surpassed $62,000. QCP Capital has analyzed two reasons why Bitcoin will be able to hold the $60,000 support level.
(Background:
Air raid alert! The US government transfers nearly 4,000 bitcoins, BTC drops below $60,000, is the second wave of decline coming?
)
(Background:
Bitcoin rebounds to $62,000! Analyst explains BTC’s future: V-turn or bull trap?
)
Table of Contents:
QCP Capital: Bitcoin Will Hold the $60,000 Support Level
German Government Slows Down BTC Sell-off
Bitcoin Spot ETF Ends 7 Days of Net Outflows
Analyst: Mt.Gox Dumping Will Be Less than Expected
QCP Capital: Bitcoin Will Hold the $60,000 Support Level
In this context, digital asset trading company QCP Capital stated in a social media post yesterday that despite the US government transferring 3,940 bitcoins (worth $240 million) to Coinbase after obtaining liquidation approval, Bitcoin will still be able to hold the $60,000 support level. QCP Capital provided the following two reasons:
German Government Slows Down BTC Sell-off
According to Arkham data, the German government’s related wallets have transferred multiple bitcoins to exchanges in recent days. The transactions include:
– Multiple asset transfers starting on June 19, with a total of 1,110 bitcoins transferred to exchanges.
– On June 25, the wallet transferred 200 bitcoins each to Kraken and Coinbase, totaling 400 bitcoins.
– On June 26, the wallet transferred 125 bitcoins each to Kraken and Bitstamp, totaling 250 bitcoins.
QCP Capital believes that the decreasing number of bitcoin transfers by the German government to exchanges may indicate that this large sell-off plan is coming to an end.
Additional information: The wallet currently holds 45,264 bitcoins (worth approximately $2.76 billion).
Bitcoin Spot ETF Ends 7 Days of Net Outflows
On the other hand, according to SoSoValue data, the Bitcoin spot ETF had 7 consecutive days of net outflows from June 13 to June 24, but finally saw net inflows on June 25 and 26. QCP Capital sees the end of 7 days of net outflows for the Bitcoin spot ETF as a sign of price stabilization.
Daily net inflows of BTC spot ETF. sosovalue
Regarding the negative event of Mt.Gox announcing the repayment of customer bitcoins in July, Galaxy Research Director Alex Thorn also commented in a post on X on the 24th. He believes that the bitcoin sell-off caused by Mt.Gox will be less than expected.
He explained that since nearly 75% of creditors have chosen early payout (accepting a 10% discount), there will only be about 95,000 bitcoins used for early compensation (the remaining BTC will take longer to be paid):
– Approximately 20,000 tokens belong to the claim fund.
– 10,000 tokens belong to Bitcoinica BK.
– The remaining 65,000 tokens are owed to individual creditors.
He also expects that individual creditors will be more determined to hold onto their bitcoins than the market expects:
– Creditors are mainly long-term holders of bitcoins. They are early adopters with technical sensitivity.
– Individual creditors have rejected attractive offers from the claim fund for years, indicating that they prefer to get their bitcoins back rather than receive compensation in USD.
– The impact of capital gains tax from selling will be significant. With the price increase, even if only a 15% physical claim is recovered, claim holders have already seen a 140-fold increase in value on their recovered bitcoins since the bankruptcy (in USD terms).
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