Bullish Bitcoin options traders expect a hefty profit from Friday’s expiry now that Germany and Mt. Gox wallets have been emptied
An aggregate of $5.5 billion in Bitcoin (BTC) options is set to expire in the early hours of July 26. This month’s expiry is particularly important because Bitcoin's price has faced immense negative pressure from several sources: the Mt. Gox bankruptcy proceedings distribution, the sale of 50,000 BTC by the German government, and the disposal of 14,000 BTC from the failed Genesis Trading firm.
On July 24, the Mt. Gox estate sent 42,583 BTC to a couple of addresses, likely to cryptocurrency exchanges. These funds have been withheld for over 10 years since the Japanese-based exchange collapsed and are currently being allocated to its creditors, leaving no balance left to be distributed. Similarly, the German government offloaded the last of its Bitcoin holdings on July 12.
Additionally, the bankrupt Digital Currency Group’s OTC and trading desk, Genesis Trading, transferred 14,000 BTC to Coinbase between June 12 and July 17, indicating a potential asset liquidation. Unlike the other cases, which seem depleted, the Genesis Trading addresses still hold 32,256 BTC, according to Arkham Intelligence data. A US court ordered the firm to repay investors a total of $2 billion.
