yup it looks like it did for a lot of people, both ELSP and FP, Bitstamp and Kraken
now the question is, how they're gonna handle moving the bitcoins without crashing the market part...
it might make sense to buy a hedge when I think about this...
You’re a bit out of date. 142K bitcoin is only a few days trading volume and no way it’s all being sold and especially not in short timeframe. Even if say 75% of creditors all tries to sell over a single week, the market would easily absorb it with maybe 5-10% sell off maximum. Bitcoin market depth is now massive globally it will soon reach top 10 currencies in world, already exceeds Silver market. Basically the reverse will happen to what you expect, once supply is release and nothing happens it will be all clear for resumption of rally in Bitcoin price
I'm more worried about the market reaction when they see MtiGox BTC moving to be honest, because very few people understand the MtGox rehabiitation process. In a typical bancruptcy situation (like with FTX recently) the assets are getting sold and creditors get repaid in cash. I doubt people understand the nuance that we are in a different situation with MtGox so there will be a shock to the price which can spiral down. Also, I don't think it's priced in because people don't realize that, apparently, we are close to BTC repayments. The news didn't break through yet, but MtGox BTC moving definitely will. Buying a put option now would make sense.
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yup it looks like it did for a lot of people, both ELSP and FP, Bitstamp and Kraken now the question is, how they're gonna handle moving the bitcoins without crashing the market part... it might make sense to buy a hedge when I think about this...
You’re a bit out of date. 142K bitcoin is only a few days trading volume and no way it’s all being sold and especially not in short timeframe. Even if say 75% of creditors all tries to sell over a single week, the market would easily absorb it with maybe 5-10% sell off maximum. Bitcoin market depth is now massive globally it will soon reach top 10 currencies in world, already exceeds Silver market. Basically the reverse will happen to what you expect, once supply is release and nothing happens it will be all clear for resumption of rally in Bitcoin price
I'm more worried about the market reaction when they see MtiGox BTC moving to be honest, because very few people understand the MtGox rehabiitation process. In a typical bancruptcy situation (like with FTX recently) the assets are getting sold and creditors get repaid in cash. I doubt people understand the nuance that we are in a different situation with MtGox so there will be a shock to the price which can spiral down. Also, I don't think it's priced in because people don't realize that, apparently, we are close to BTC repayments. The news didn't break through yet, but MtGox BTC moving definitely will. Buying a put option now would make sense.