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More Details About the Mt. Gox Bitcoin Repayments: What’s Next?

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The defunct cryptocurrency exchange Mt Gox has finally commenced creditor repayments ten years after filing for bankruptcy.

According to an announcement from the Mt Gox Rehabilitation Trustee, the defunct estate distributed bitcoin (BTC) and Bitcoin Cash (BCH) payments to some creditors on July 5 through designated crypto exchanges linked with the repayment plan.

Mt Gox Begins Repayments

The Mt Gox trustee will continue repaying other creditors when certain conditions are met, including confirming the validity of registered accounts, completing discussions with designated crypto exchanges, and confirming that repayments can be made safely.

The rehabilitation trustee has asked that eligible creditors remain patient while the issues are sorted out. The estate intends to complete repayments before the October 31 deadline.

The commencement of Mt Gox distributions comes as BTC struggles to remain above $54,000 after plunging roughly 5% in the past 24 hours. On the other hand, BCH is down 12% within the same timeframe and hovered around $300 at the time of writing.

Over the past few weeks, there have been concerns that the selling pressure from the Mt Gox distributions would trigger a major BTC correction. Although on-chain experts believe the defunct estate’s BTC moves are no cause for alarm and would cause no immediate selling pressure on the cryptocurrency, Bitcoin charts say otherwise.

Could Bitcoin Plunge Further?

Earlier Friday, bitcoin briefly fell below $54,000 as the Mt Gox estate transferred $2.7 billion worth of bitcoin to a new address in preparation for the repayments. A similar move was seen in May when BTC slumped 4% from $70,000 after Mt Gox moved its bitcoins.

As the repayments continue, bitcoin faces a risk of falling to $50,000, with Mt Gox creditors potentially selling their assets as soon as they are received. This potential decline could also be accelerated by the continued sale of BTC by the German government, which has offloaded roughly 9,641 BTC worth over $539 million in the past 15 days. The crypto wallet linked to the government still holds around 40,000 BTC.

With BTC persistently heading southward, liquidations in the crypto market have been upwards of $660 million and will most likely increase in the coming days. Regardless, analysts insist that leading crypto asset is bound for another rally as the market is still in a bull season.

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Cryptocurrency

Metaplanet and K33 Deepen Bitcoin (BTC) Exposure With Strategic Initiatives

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In a strategic move to accelerate its Bitcoin acquisition goals, Japan-based Metaplanet issued $21 million in interest-free bonds to the Evo Fund on May 29, following a separate $50 million raise the previous day. These zero-coupon bonds, known as the 17th series, come with a $525,000 face value and are set to mature on November 28, 2025.

As they bear no interest, Metaplanet avoids additional financial costs tied to borrowing.

Metaplanet Adds to Bitcoin Warchest

According to the official document, the terms allow Evo Fund to initiate early redemptions with a five-day notice, either in full or in multiples of $525,000. Additionally, redemptions may be linked to future funding rounds with the same investor.

The bonds are unsecured, with no guarantees or administrators, which is in line with Japanese corporate law. Payment processing will take place at the company’s Tokyo office.

This fundraising effort contributes to Metaplanet’s larger goal of amassing 10,000 BTC by the end of 2025. Year-to-date, the company has raised $135.2 million, including previous rounds in February ($25.9 million), March ($13.3 million), and earlier in May ($25 million).

Currently holding approximately 7,800 BTC, worth around $840 million, Metaplanet ranks 11th among global corporate Bitcoin holders, with an average purchase price of $91,340 per BTC. In March, it used cash-secured put options to acquire 696 BTC, followed by an additional 145 BTC in April for $13.6 million.

Metaplanet isn’t the only company doubling down on Bitcoin. In Scandinavia, K33 is taking a similar approach.

K33 Joins Corporate Bitcoin Trend

K33, the Oslo-based cryptocurrency brokerage company, announced plans to begin holding Bitcoin on its balance sheet after raising 60 million SEK ($6.22 million). As per the announcement on May 28th, the funding was secured via interest-free convertible loans and a new round of share and warrant issuances.

The Norwegian firm confirmed that 100% of the funds will be used to buy Bitcoin, possibly acquiring up to 57 BTC at current prices. The firm secured 45 million SEK ($4.66 million) through loans maturing in June 2028, and 15 million SEK ($1.5 million) via equity and warrants. Investors converting their warrants before March 2026 will be granted additional free warrants, which would potentially allow K33 to raise a total of 75 million SEK ($7.77 million).

In its Q1 financial update, CEO Bull Jenssen said K33 is partnering with other Nordic Bitcoin treasury firms and intends to leverage its holdings to create Bitcoin-based services, including collateralized lending.

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Crypto Markets Shed $200B in 48 Hours as Bitcoin Dumps to 12-Day Low (Weekend Watch)

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Perhaps driven by the latest escalation of tensions between the US and China, bitcoin’s price has tumbled over the past 12 hours to a multi-week low of $103,000.

The altcoins have it even worse, with massive price drops from the likes of SUI, LINK, DOGE, SOL, ADA, and more. CRO has defied the market-wide trend with a double-digit price surge.

BTC Dumps to $103K

Ever since it skyrocketed to almost $112,000 last Thursday to chart a new all-time high, bitcoin’s price has been unable to recapture or even sustain its momentum. It started to fall on the next day when US President Trump recommended a new set of tariffs against the EU.

Although he delayed their implementation for over a month, BTC failed to bounce off decisively and was stopped at around $110,000 on a couple of occasions. The latest rejection, which came on Thursday at $109,000, was the worst one (for now) as it drove BTC down to $105,000.

It recovered some ground to $106,000 yesterday, but the bears reemerged and pushed the cryptocurrency south to a 12-day low of just over $103,000. This decline transpired after Trump said China “violated” the trade agreement between the two, while Beijing responded kindly.

Although BTC has regained some ground and now sits above $103,500, its market cap has slid to $2.06 trillion on CG, while its dominance over the alts has shot up to 61.3%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Bleed Out, Not CRO

The alternative coins have marked some big losses over the past day. Ethereum is close to breaking below $2,500 after a 4.5% drop. XRP has plunged beneath $2.15, while DOGE, SOL, ADA, SUI, LINK, and AVAX have plummeted by up to 9%.

The situation with the lower-cap alts is even more painful, as many, such as ENA, INJ, VIRTUAL, and PEPE, have charted double-digit price declines.

CRO is the only exception, having gained 17% in the past day and trading close to $0.11.

The total crypto market cap has seen roughly $200 billion gone in the past two days and is down to $3.360 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Ethereum Price Analysis: Is ETH Dumping to $2K Next as Momentum Fades?

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ETH continues to consolidate beneath a key resistance level around $2,800, struggling to break higher after a strong rally earlier in May.

While the bulls have held higher lows in the short term, repeated rejection from the same level raises questions about buyer conviction at these highs.

Technical Analysis

The Daily Chart

Ethereum is currently consolidating below the major resistance at $2,800, which aligns with the 200-day moving average. The uptrend that began near $1,500 has paused, and the RSI has slightly dropped below 70, reflecting weakening bullish momentum.

Despite this, the price remains above the 100-day MA and the previous breakout zone near $2,200, indicating structure remains bullish unless those levels are lost. A clean breakout above $2,800 would open the path toward the $3,400–$3,600 supply zone. On the other hand, failure to do so could trigger a retest of the $2,200 demand block.

The 4-Hour Chart

The 4H chart shows that the price has formed a clear ascending triangle between the $2,800 resistance and roughly $2,500 support. The structure resembles a potential distribution phase following two strong accumulation zones below $1,850 earlier this month. While ETH continues to set higher lows, the repeated rejection at the highs is starting to weigh on the short-term outlook.

The RSI is also hovering near 47, suggesting a neutral momentum shift. A break below $2,500 and the lower boundary of the pattern would signal bearish reversal toward $2,100, while a confirmed breakout above $2,800 would invalidate the distribution idea and favor upside expansion.

Sentiment Analysis

The Coinbase Premium Index is currently holding slightly above zero, indicating moderate spot demand from US-based investors. Historically, a rising premium has often preceded strong bullish trends driven by institutional or high-volume retail buyers on Coinbase. Although the current levels are not aggressively high, they reflect underlying strength in the spot market and a willingness to pay slightly more for ETH on U.S. exchanges.

If this premium begins expanding while ETH approaches resistance again, it could signal renewed confidence and front-running of a breakout. On the other hand, if the premium fades or turns negative, it may signal waning interest and a possible short-term top, which is the scenario that is seemingly occurring at the moment.

Therefore, if the demand from the US declines, it would be highly likely for ETH to go into a correction phase once more.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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