In June, BTC nearly reached all-time highs before higher-than-expected non-farm payroll jobs data sent prices tumbling to $58,000, despite lower inflation numbers. The start of the distribution of Mt. Gox’s $9 billion BTC and the German government’s sale of seized BTC saw BTC reach as low as about $54,000, but has now rebounded to the low 60ks. Once Mt. Gox distributions are complete over the next few months, it will remove a significant price risk. Despite these negative factors, BTC has shown resilience. The next potential catalyst is the ETH ETF approval. With less liquidity than BTC, strong inflows could drive ETH higher, though a supply overhang like BTC’s might occur.
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