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Mt. Gox was once a major cryptocurrency exchange that collapsed in 2014 after a massive security breach led to the loss of 850,000 Bitcoin.

As per data available online, the total supply in addresses holding 1,000 $BTC or more has hit a two-year peak.

Earlier this month, Bitcoin experienced a sharp drop to $53,550, its lowest point in five months.

JPMorgan’s recent report notes that a potential broader crypto market in August could benefit altcoins too. If Bitcoin’s price rises in August, altcoins could recover as well.

The development differs from SEC Chairman Gary Gensler’s previous statements, which suggested only Bitcoin was a commodity, and most other tokens should be regulated as securities.

Bitcoin dropped more than 8%, post the news of Mt. Gox’s repayment, hitting $53,350 which is its lowest in five months.

Analysts note that while Bitcoin may face selling pressure due to $8.5 billion being returned to creditors of the collapsed exchange Mt. Gox, Ether's price action is poised for a significant boost from the new ETFs.

From July to October, Mt. Gox creditors are set to receive 142,000 Bitcoins. Although the deadline for distribution is October, JPMorgan analysts believe most repayments will occur in July.

The increased buying activity suggests that these large investors view the recent lows as an opportunity for further accumulation, despite widespread FUD in the market.

Mass investor exodus, ETF outflows, Mt. Gox repayment concerns, and market-wide declines has fuelled a bearish sentiment for Bitcoin.