Bitcoin's price dropped below $68,000 following a significant transfer from a Mt. Gox cold wallet.

Early Tuesday, Mt. Gox appeared to have moved at least $9.6 billion worth of bitcoin from its cold wallets, according to Arkham Intelligence data.

Bitcoin's price decreased by over 1.5% in the past 24 hours, trading at $67,818 at 10:17 a.m. ET, according to The Block’s Price Page. Meanwhile, the GM 30 Index, which includes the top 30 cryptocurrencies, rose by 1.42% to 145.45 during the same period.

Despite this, QCP Capital analysts believe the "supply anxiety" is likely a temporary setback in a broader upward trend expected to continue towards the year's end. They outlined three reasons for optimism: stronger equity markets led by companies like Nvidia should boost crypto prices, unprecedented political support for crypto in the U.S., and anticipated strong demand for the ether spot ETF once it starts trading.

Joshua Lim, co-founder of Arbelos Markets, noted that major creditors of the defunct Mt. Gox exchange are experienced investment firms that likely use hedging strategies to manage risks. He suggested that the expected increase in cryptocurrency supply from Mt. Gox creditor payouts and the FTX estate could moderate a market upswing in the medium term, leading to reduced volatility and a narrower trading range over the summer.

Lim also mentioned that option sellers have emerged following the resolution of significant industry events like the spot bitcoin ETF launch, the halving, and the SEC's spot ether ETF decision. These market participants are likely anticipating a more stable, range-bound market over the summer due to the additional supply from Mt. Gox and the FTX estate and ongoing SEC enforcement actions.