Mt. Gox Delays Bitcoin Repayment and Spot BTC ETF Inflows Rally

Welcome to our Weekly Market Update. Explore weekly crypto price movements, read a quick digest of notable market news, and dive into a crypto topic — this week we learn more about Chiliz, a Malta-based fintech company that helps sports fans engage with their favorite teams.

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• Mt. Gox has delayed its bitcoin repayment deadline by a year: This delay is viewed as a greenshoot for bitcoin prices, with traders arguing it reduces selling pressure on the broader market. The price of bitcoin was just short of $67,000 by Thursday afternoon.
• US spot bitcoin ETFs saw notable net inflows of more than $555 million on Monday, the highest since June: Spot ether ETFs also saw $17 million in inflows, continuing positive momentum for both investment vehicles.
• Coinbase is pursuing partial summary judgment to obtain SEC documents about crypto regulation: The regulator has previously delayed in responding to a Freedom of Information request made by the exchange over the same issue.
• US spot bitcoin ETFs saw $18.66 million in net outflows on Tuesday, led by Fidelity’s FBTC, which recorded $48.82 million in withdrawals: BlackRock’s IBIT was the only ETF to see inflows, with $39.57 million entering the fund.
• Monochrome will introduce Australia's first spot ETH ETF on Tuesday, following on from the launch of its spot Bitcoin ETF in August: Notably, the Monochrome ether ETF will allow both cash and in-kind redemptions, which could garner interest from institutional investors.

Mt. Gox Delays Repayment Deadline, Bitcoin Rallies

Mt. Gox has announced a one-year extension for the repayment of bitcoin owed to creditors, moving back the deadline to October 2025. This decision follows a notice shared by the rehabilitation team, stating that numerous creditors have yet to complete the necessary steps to receive their funds, resulting in delays.

The delay has sparked optimism among bitcoin traders, as the market now faces less immediate sell pressure from the anticipated liquidation of the repaid assets. With the release of the news Friday, bitcoin saw positive price action over the weekend and into this week, and is currently trading at around $67,000, marking a nearly 6% bump in October and a 10.6% increase over the past 30 days. Historically, crypto prices have recorded positive momentum in October, leading to the "Uptober" moniker.

Concerns about large-scale sales by Mt. Gox creditors had weighed on the market, but with the new repayment schedule, investors are likely interpreting this as an opportunity for further price appreciation before the potential sell-off.

US Spot Bitcoin ETFs Record Largest Inflows Since June

On Monday, spot bitcoin ETFs in the US had their largest net inflows since June 4, totaling $555.8 million. This surge in investment marks a key moment in the growth of these funds, with no net outflows reported across the board.

Fidelity’s FBTC saw the most significant inflows, just shy of $240 million, followed by Bitwise’s BITB, which attracted $100 million. BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, logged $79.5 million in inflows. The total trading volume for US spot bitcoin ETFs amounted to over $2.61 billion on Monday, with BlackRock’s IBIT alone accounting for $1.67 billion.

Spot ether ETFs also showed positive movement, reporting net inflows of just over $17 million. For ether, BlackRock’s IBIT led the inflows with $14.31 million, followed by Fidelity’s FETH, which saw $1.31 million. The positive flows come as ether moves into the green this week, climbing more than 10% over the past week.

Chiliz (CHZ): Bringing Blockchain and Crypto to Sports Fandom

Chiliz is a Malta-based fintech provider that is developing new ways for sports fans to engage with their favorite teams and athletes. The primary Chiliz offering is Socios, a blockchain-enabled sports entertainment platform that empowers users with a variety of ways to vote on decisions that directly impact their favorite teams. Conversely, the platform’s rich array of features provides team owners and league operators with new ways of connecting to their followers and generating revenue. The Socios platform is underpinned by the Chiliz Token (CHZ), which serves as a pricing benchmark and medium of exchange across the Chiliz ecosystem. Learn more

Onward and Upward,

Team Gemini