The launch of spot BTC ETFs significantly impacted the decline in Bitcoin's value, dropping it below the $40,000 mark. Since January 12th, there has been a continuous decrease in its price, with Bitcoin temporarily reaching $38,500. Currently, the cryptocurrency has slightly recovered but still struggles to surpass the $40,000 threshold.

Experts express concerns about Bitcoin's future, especially in light of the bankruptcy of the Mt.Gox cryptocurrency exchange. The exchange is preparing to compensate its traders, which involves releasing a substantial amount of Bitcoin and Bitcoin Cash into the market. This could increase pressure on the cryptocurrency's price.

Mt.Gox's payouts to clients have been confirmed through emails detailing the steps for account verification and claiming compensation in BTC and BCH through Bitstamp and Kraken.

However, Adam Back, CEO of Blockstream, has a different perspective. He believes that the upcoming halving and capital inflow through ETFs will contribute to the currency's growth in the long term. Back suggests that it would be more beneficial for traders receiving compensation to hold onto their BTC, anticipating an increase in value, especially since many have been holding the cryptocurrency for a long time.

Mt.Gox's reserves still contain about 142,000 of the 200,000 BTC, which will be used to settle debts. Unlike the FTX situation, Mt.Gox does not plan to exchange its bitcoins for dollars to cover bankruptcy legal expenses. This adds uncertainty to the situation and could lead to increased Bitcoin market volatility.