Key Takeaways
- 36% of Mt. Gox Bitcoin has been distributed to creditors.
- Bitcoin whales continue accumulating despite potential sell pressure.
- 127,000 Mt. Gox creditors are owed over $9.4 billion worth of Bitcoin.
Over one-third of the Bitcoin owed to creditors of the defunct Mt. Gox exchange has already been distributed, yet large Bitcoin holders, known as whales, continue to accumulate.
According to a July 17 post by CryptoQuant, 36% of the Bitcoin owed to Mt. Gox creditors has been distributed.
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.
Approximately 127,000 Mt. Gox creditors are owed more than $9.4 billion worth of Bitcoin. Despite concerns about the potential sell pressure from these repayments, whales remain unfazed and continue their buying spree.
On July 17, a savvy whale bought 245 BTC worth nearly $16 million. This address has only traded Bitcoin twice in the past year, making over $30 million from these trades.
Lookonchain sent a post on July 17, stating:
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.
While finance analyst Jacob King suggests up to 99% of Mt. Gox creditors might sell their Bitcoin, the impact may be short-term. On-chain analyst RunnerXBT believes only the weakest holders will sell, leading to limited long-term pressure on Bitcoin prices.
As the market watches these developments, Bitcoin has recently recovered from an over-one-month downtrend.
