Debate sparked by 140K BTC payout from Mt Gox questions the overrated status of Bitcoin exchange balances

Bitcoin analysis is now questioning the significance of exchanges’ BTC balances as 140,000 Mt. Gox coins are set to be released. Matthew Hyland, a popular commentator, recently expressed skepticism about the decreasing exchange supply, considering it to be “overrated.” The total number of coins available for purchase on crypto exchanges is currently at multiyear lows, indicating a potential surge in demand. However, Hyland believes that the correlation between supply fluctuations and BTC price performances is not as strong as it is often assumed to be. According to data from Glassnode, the balances of 31 major trading platforms show a total of 2,317,495 BTC available for purchase as of June 24, with an increase of approximately 18,000 BTC over the past 10 days. This marks the latest multiyear aggregate balance low since March 2018. Meanwhile, the impending conclusion of Mt. Gox’s bankruptcy proceedings, which involve 140,000 BTC worth nearly $9 billion, has sparked debates about the potential impact on the market. Some believe that this will result in a mass distribution event, while others are more skeptical. The recent movements of confiscated BTC owned by the German government have also been cited as a factor influencing the BTC/USD price. However, this remains a topic of contention. It is important to note that this article does not offer investment advice or recommendations, and readers are advised to conduct their own research before making any investment or trading decisions.