So the creditors finally got an email about getting their bitcoins since the 2014 bankruptcy. This is around $3 billion dollars.
Technically not all creditors will be receiving bitcoin.
As far I understand they have the option of cash, btc or bch (<= lol). This is probably in an attempt to reduce market volatility, with the trust offering to sell their coins for them. I imagine this would be done OTC based on the amounts. Although this still is an increase of 150K coins, it seems unlikely that it will be this much pressure on the spot market. It's potentially a good opportunity for instiutions to get cheap coins OTC.
Everyone is watching their wallet and many will start to front run the dumping when it’s actually redistributed.
Sell the rumour buy the news comes to mind. Meaning by the time coins are distributed to creditors, the dump will be over. Logically, it'd make no sense for creditors who want to take profits to do so themselves, via spot market, when they have the option of the trust doing it for them. Especially if the trust is able to cash out their coins prior to others getting their BTC. Maybe only 10-50K coins will be distributed in total?
What does everyone think will happen? Dump? Pump? Sideways?
Probably start dumping from here if the news causes panic in the market.
It’s also funny how ETH merge is around the same time. Late August. Should be a busy month.
Not sure this is that relevant to BTC price, but rather a factor for ETH getting hit harder than BTC.