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Bitcoin exchange balances ‘overrated?’ 140K BTC Mt. Gox payout sparks debate

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Bitcoin pundits hold differing views on the Mt. Gox payouts versus BTC price strength.

One commentator argues that Bitcoin exchange balances are not a reliable yardstick for BTC price strength, while others dismiss the latest Mt. Gox fears.

For Hyland, the correlation between supply fluctuations and BTC price performances leaves a lot to be desired. “BTC on exchanges dropped during the entire bear market yet, BTC price continued down with it. Long term it matters but within multi-years it has shown it does not.”, which tracks the balances of 31 major trading platforms, puts the total number of coins currently available for purchase at 2,317,495 BTC as of June 24.

This will involve sending those funds to users who originally lost them, and opinions are split as to whether this will result in a mass distribution event.

 

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