Bitcoin getting hit from all sides — Mt. Gox selling, ETF outflows, and corporate dump — short the bounce
Bitcoin is under pressure from three directions at once: the collapsed Mt. Gox exchange just moved $739 million of Bitcoin (signaling payouts to creditors who may sell), big investors pulled $3.4 billion from Bitcoin ETFs over 11 straight days, and a major corporate holder just disclosed selling Bitcoin for the first time.
Idea
Bitcoin is facing a rare triple threat of selling pressure. First, Mt. Gox — the exchange that collapsed in 2014 — just moved $739 million worth of Bitcoin, which almost certainly means they're about to distribute coins to creditors who've been waiting years and will likely cash out. Second, the big Bitcoin ETFs that institutional investors use have been bleeding money for 11 days straight — the longest and largest selloff since these funds launched — because investors are rotating into red-hot AI stocks instead. Third, Strategy (formerly MicroStrategy), the most famous corporate Bitcoin buyer, just disclosed its first-ever Bitcoin sale, removing a key source of demand. When supply is about to increase and demand is fading from multiple directions at once, the price path of least resistance is down.