Zoltan Vardai12 hours agoOver 36% of Mt. Gox Bitcoin distributed to creditors, but whales keep accumulatingBitcoin whales continue accumulating, despite the potential sell pressure from Mt. Gox creditors, which could see 99% of investors selling.6342 Total views6 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksOver one-third of the Bitcoin owed to defunct creditors of the Mt. Gox exchange has already been distributed, but large Bitcoin holders continue their buying spree unfazed.
Over 36% of the Bitcoin (BTC) owed to the creditors of Mt. Gox has already been distributed, according to a July 17 X post by CryptoQuant. The analytics firm wrote:“The trustee holds 141,686 BTC, which will be distributed over time. With yesterday’s transaction, 36% of the Bitcoin has been moved to their former users.”Mt. Gox Distribution completed. Source:CryptoQuant
Crypto investors have been concerned about the potential sell pressure that could be introduced with the Mt. Gox repayments and their potential downward pressure on Bitcoin price.
More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.
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Despite the potential sell pressure from Mt. Gox creditors, large Bitcoin holders, also known as whales, continue accumulating.
A savvy whale bought 245 BTC, worth nearly $16 million, on July 17. The address has only traded Bitcoin twice this past year, making over $30 million worth of profit from the trades, according to a July 17 X post by Lookonchain:“From Aug 9 to Dec 18, 2023, he bought 718 $BTC at $29,385 and sold at $41,953, making $9M. From Feb 7 to Jun 20, 2024, he bought 1,181 $BTC at $48,822 and sold at $66,792, making $21.2M.Savvy Bitcoin whale acquisitions. Source:Lookonchain
Investors often look for whale buying patterns to assess the health of the market and potential long-term investment opportunities.
Related:Bitcoin bottom signal? German gov’t runs out of BTC to sellWill 99% of Mt. Gox creditors sell their Bitcoin, or only the “paper hands”?
Up to 99% of the creditors could be looking to sell their BTC from the defunct exchange, according to finance analyst Jacob King.
This is partly because Bitcoin’s value has increased by over 8,500% in the 10 years since Mt. Gox’s collapse.
However, only the weakest Bitcoin holders will be looking to sell their tokens, which will only cause short-term Bitcoin selling pressure, according to popular on-chain analyst RunnerXBT.
The analyst wrote in a July 16 X post:“I expect CT [Crypto Twitter] (read as the softest of the men, soyest of soy) to react to the first few 5k BTC+ transfers to CEX. Transfers on-chain (shuffle of coins within wallets) do fuck all.”
Large amounts of sell pressure flooding the market can have a significant impact on Bitcoin’s price, which has recently recovered from an over-one-month downtrend.The Mt.Gox scam and Japanese crypto regulation | Cointelegraph Documentary. Source: Cointelegraph
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Update (July 17 at 13:15 UTC): This article has been updated to correct the name of a quoted analyst to RunnerXBT.# Bitcoin# Bitcoin Price# Investments# Mt. GoxAdd reaction