Presto Labs: The BCH selling pressure triggered by Mt.Gox will be four times that of BTC

2024-07-11 14:48:32

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ChainCatcher news, Singapore trading firm Presto Labs advises clients to bet on BTC strengthening and short BCH to profit from the ongoing Mt. Gox repayments. Last week, the defunct exchange Mt. Gox began repaying creditors affected by the 2014 hacking incident, with hundreds of millions of dollars' worth of Bitcoin expected to flow into the market over the coming months, and BCH worth over $73 million will be distributed to traders, with a total value of about $9 billion in BTC.

Presto analyst Peter Chung stated that analysis shows the selling pressure on BCH will be four times that of BTC, with BCH's daily trading volume at 24% and BTC's at 6%. Unless there is a risk of financing rate, going long on BTC perpetual contracts while shorting BCH perpetual contracts is the most effective market-neutral way to express this view.

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