Singapore trading firm Presto Labs: BCH selling pressure caused by Mt.Gox will be four times that of BTC

Odaily News Singapore-based trading firm Presto Labs is advising clients to bet on BTC strength and short BCH to profit from ongoing Mt. Gox repayments. Hundreds of millions of dollars worth of Bitcoin flowed into the market last week as defunct exchange Mt. Gox finally began paying back creditors affected by the 2014 hack. More than $73 million worth of BCH, or about $9 billion worth of BTC, will be distributed to traders in the coming months. Presto analyst Peter Chung said analysis shows that BCH will see four times more selling pressure than BTC - that's 24% of BCH's daily trading volume compared to 6% of BTC's daily trading volume. Unless there is funding rate risk, a long BTC perpetual contract paired with a short BCH perpetual contract is the most effective market-neutral way to express this view. (Coindesk)