Controversy arises as 140K BTC Mt Gox payout questions the reliability of Bitcoin exchange balances

The relevance of the balances of Bitcoin exchanges is currently being questioned, with concerns rising over the release of 140,000 Mt. Gox coins. In a recent post on X, commentator Matthew Hyland expressed doubts about the decreasing exchange supply, describing it as “overrated.” The aggregate Bitcoin balances on crypto exchanges have reached multiyear lows, suggesting a surge in demand, although not everyone is convinced. Hyland believes that the correlation between supply fluctuations and BTC price performances is not as strong as it is often thought to be. Data from Glassnode, which tracks the balances of 31 major trading platforms, shows that the total number of coins available for purchase is currently at 2,317,495 BTC as of June 24. This marks a multiyear low and an increase of approximately 18,000 BTC over the past 10 days. The impending release of 140,000 BTC from the bankruptcy proceedings of Mt. Gox, worth nearly $9 billion, has created uncertainty about its impact. While some believe it will have a minimal impact, others are concerned about a mass distribution event. The recent movements of confiscated BTC owned by the German government have also been a topic of discussion. The article does not offer investment advice and readers are encouraged to conduct their own research before making any decisions.