CoinEx Daily：Bitcoin Stabilizes around $66,000; Mt. Gox Distribution under Scrutiny

Overview

The crypto market remains dynamic as Bitcoin stabilizes around $66,000 after a significant pullback from $70,000. The distribution of 59,000 out of 142,000 BTC from Mt. Gox is under scrutiny, though the market is expected to absorb this supply effectively. Movement’s testnet is live, offering new opportunities for user engagement and developer participation.

Daily Macro

Bitcoin Market Bitcoin has stabilized around the $66,000 level after the pullback from $70,000. This retracement reflects the market's typical volatility and the ongoing balancing act between bullish and bearish forces.

Bitcoin ETF Initially reported net outflows of $81.5 million on July 29 have been revised to a net inflow of $124.1 million after updated data. As of the latest data, there was a net outflow of $93 million yesterday; however, the data for IBIT is still pending finalization.

Ethereum ETF The Ethereum ETF recorded a net outflow of $84.3 million yesterday. Additionally, Grayscale's ETHE saw a further slowdown in outflows, totaling $120.3 million.

Macroeconomic Data This week, key interest rate decisions will be announced by the Federal Reserve, the Bank of Japan, and the Bank of England. The market consensus anticipates that the Federal Reserve will implement a rate cut in September.

Daily Focus

Mt. Gox Distribution

Reason for Focus: According to Glassnode, 59,000 of the recovered 142,000 BTC from Mt. Gox has been distributed to creditors through Kraken and Bitstamp exchanges. However, it is expected that only a subset of these distributed BTC will be sold on the market.

Performance of Related Tokens (24H):

• Bitcoin is now oscillating around $66,000 (-0.42%).

Market Outlook: The market has previously managed to absorb the supply pressure from the German government's sale of 48,000 Bitcoin. Given the anticipation that only a fraction of the 142,000 BTC from Mt. Gox will hit the market, and considering the distribution is spread over several months, we believe the market can once again absorb this supply pressure effectively.

Next Focus - Movement Public Testnet is Live

Reasons for Focus: M2, developed by Movement, is the first MOVEVM zk layer two on Ethereum. The project secured $38 million in a Series A financing round led by Polychain Capital earlier this year.

How to Participate: Users can engage with the testnet by completing quests, while developers are invited to contribute through the "Battle of Olympus" hackathon, which runs until mid-September. For detailed instructions, please refer to Movement's official website and announcements.