Up to 99% of Mt. Gox’s $8.2B Bitcoin could be sold: Analyst Nearly all of Mt. Gox’s former creditors might be looking to sell their Bitcoin, which has increased by over 8,500% in value in the 10 years since the exchange’s collapse. Most of the Bitcoin being repaid by defunct exchange Mt. Gox will be market sold, threatening to cause more downside pressure for BTC. According to finance analyst Jacob King, the Mt. Gox repayments could add $8.2 billion worth of additional selling pressure to Bitcoin’s BTCtickers down$55,358 price. The analysts said that on-chain movements already point to the fact that Mt. Gox’s creditors have started selling, King wrote in a July 4 X post: “No Bitcoiner will say this out loud, but the majority of the $8.2 Billion in $BTC that is set to be distributed back to ex-clients are going to be sold off.”

German MP urges government to stop ‘hasty’ Bitcoin sell-off. German MP Joana Cotar said the mass Bitcoin sell-off isn’t “sensible” and “productive” as it could be used to diversify treasury assets and protect against currency devaluation. German lawmaker and Bitcoin activist Joana Cotar has urged the government to stop its “hasty” Bitcoin selling spree and instead adopt it as a “strategic reserve currency” to shield against risks in the traditional system.“[I] urge you to refrain from a hasty disposal of state-owned Bitcoin,” the Bitcoin-friendly politician wrote to members of Germany’s government on July 4. Cotar said Bitcoin could help Germany diversify its treasury assets, serve as a hedge against inflation and currency devaluation and promote innovation in the country. *Source: Joana Cotar X account*

Bitcoin Bottom Is Near as Miners Capitulating Near FTX Implosion Level: CryptoQuant Miner capitulation levels are now comparable with those in end of 2022, which was the market bottom after FTX implosion, CryptoQuant said. Bitcoin (BTC) miners are showing signs of capitulation, an event that is typically tied to a market bottom after the world's largest cryptocurrency endured a 13% plight over the past 30 days. Bitcoin is currently trading at $60,300 after sliding by 3% on Wednesday. This level has acted as a critical support since April, with bitcoin bouncing three times from this region before heading back towards the $70,000 mark. Data provider CryptoQuant believes this is likely to happen again in the near future as numerous signs point towards capitulation following a period of intense sell pressure.