As we step into July, anticipation surrounds the distribution of 141,686 bitcoins from the defunct Mt. Gox exchange to its creditors, most of whom are former clients. Despite the looming release of these bitcoins, which have been locked away for over a decade, the crypto market saw an uptick over the weekend. This rise occurred even after the German government transferred an additional $94 million worth of bitcoins to exchanges this morning.

This contrasts sharply with the previous Monday, when the market reacted with panic to the announcement from the Mt. Gox estate regarding the start of repayments in July. We termed this reaction ‘peak Mt. Gox fear’ in last week’s Crypto Crisp, a situation we had been expecting. So far, our prediction holds true, as Bitcoin has risen by just over 7% since the dip last Monday. Although we anticipate another wave of concern when the first tranche of bitcoins is actually paid out, we do not expect it to be as intense as last week’s panic.

In other news, the launch of U.S.-based Ethereum spot ETFs is now expected to occur next week at the earliest, rather than this week as we previously mentioned in last week’s Crypto Moves. Our patience is wearing thin – come on, the U.S. Securities and Exchange Commission (SEC), let us get these ETFs launched.

Now, let us dive into the top three pieces of news from the past week, followed by some insights on the 2024 U.S. Presidential Election.