Bitcoin (BTC) spearheaded a downturn during Asian trading hours as major cryptocurrencies surrendered the gains achieved earlier in the week. BTC plummeted to $60,900 from over $62,000 post the Tokyo market opening, accompanied by declines of up to 3% in ether (ETH), Solana’s SOL, and dogecoin (DOGE). Meanwhile, XRP remained relatively stable, and Cardano’s ADA retraced some of its Tuesday rally gains as its development foundation disclosed specific indicators to comply with European regulatory mandates.

The broad-based CoinDesk 20 (CD20), a liquid index encompassing the largest tokens, witnessed a drop of more than 1.7% within the past 24 hours.

This slump coincided with the U.S.-listed exchange-traded funds (ETFs) tracking bitcoin registering outflows of $13 million, breaking a five-day streak of inflows. Concerns about significant BTC sales following distributions by the defunct Mt. Gox exchange likely exacerbated bearish sentiments, according to Singapore-based QCP Capital, which stated in a Tuesday Telegram broadcast:

“The Mt. Gox release is also slated to happen this week,” QCP Capital noted. “This overhang of up to 140,000 BTC should continue to weigh on markets, especially since the exact release schedule is unknown right now.”

Starting in July 2024, Mt. Gox will commence the distribution of assets stolen from clients in a 2014 hack after numerous delayed deadlines. These repayments, made in bitcoin and bitcoin cash, could introduce selling pressure in both markets, as previously reported.

Despite these bearish signals, some traders maintain a bullish long-term outlook, anticipating a rally reaching up to $150,000 following the completion of the Mt. Gox distribution.

“One of the biggest overhangs is going to disappear in July. I think it’s a reason to expect a sharp rebound in the second half,” Tom Lee, head of research at Fundstrat Global Advisors, remarked in a CNBC interview on Tuesday. “$150,000 is within reach.”

Lee initially predicted in February that BTC could hit $150,000 in 2024, citing demand from spot ETFs, the reward halving, and anticipated Federal Reserve interest-rate reductions as key factors.