Odaily News Alex Thorn, head of research at crypto asset manager Galaxy Digital, said that in addition to the early declines, another reason that made August so difficult was the oversupply of Bitcoin, although these oversupply issues are now said to have largely subsided or resolved. "Most of the Bitcoin retained by the U.S. government was seized from theft and will likely be returned rather than sold, with the German government having already completed its sale, and we believe the Bitcoin estate from Mt. Gox has been largely distributed, as well as all bankrupt companies returning available tokens to creditors, the outlook for Bitcoin is bright from a supply perspective. The estate distribution of the defunct exchange FTX could be a positive catalyst, and we expect that repayment to be initiated within the next six months." Thorn added that "the distribution would provide a large amount of cash to a creditor group of known crypto investors who may consider reinvesting in the industry." According to Thorn, Bitcoin could remain range-bound until November as the U.S. presidential election has a huge impact on investors. He said a Trump victory would likely be a positive catalyst, while any negative impact from a Harris win would likely be minimal. "I expect the market to be volatile until we know more about rate cut expectations and the election."