The value of bitcoin dipped below $68,000 after a substantial transaction from a Mt. Gox offline wallet. Data from Arkham Intelligence revealed that Mt. Gox moved over $9.6 billion worth of bitcoin from its cold wallets for the first time in five years on Tuesday.

According to analysts from QCP Capital, a temporary spike in "supply anxiety" is expected to be insignificant in the overall upward trend towards the end of the year.

In their latest report, QCP Capital highlighted three factors that support a positive outlook for bitcoin in the medium to long run. 

Further, the rise of stock markets, particularly with major players like Nvidia, will have a positive impact on the prices of cryptocurrency.

“Stronger equity markets led by counters like Nvidia should pull crypto prices higher as well.” - QCP Capital

Joshua Lim, co-founder of Arbelos Markets, revealed that experienced investment firms specializing in distressed debt are among the major creditors of the defunct Mt. Gox. These firms are likely using hedging strategies to manage the associated risks with their claims. Lim also suggested that these sophisticated firms have been accumulating and hedging their claims in preparation for a potential future distribution.

The anticipated increase in cryptocurrency supply from Mt. Gox creditor payouts and the FTX estate could hinder a potential market surge, leading to a more stable market in the summer. Lim highlighted a rise in option sellers due to recent industry events like the spot bitcoin ETF launch, halving, and the SEC's decision on a spot ether ETF. This shift is expected to result in a quieter market this summer, influenced by heightened supply from Mt. Gox, the FTX estate, and ongoing SEC actions.