Key Takeaways
- Mt. Gox has moved $3 billion in Bitcoin without significantly impacting the market.
- Analysts suggest that Mt. Gox creditors are committed to holding their Bitcoin.
- Over 41.5% of Mt. Gox's Bitcoin has been redistributed to creditors since July 5.
Bitcoin traders appear unfazed by the latest movement of Bitcoin from a Mt. Gox-affiliated wallet. On July 30, approximately 47,229 Bitcoin, worth around $3 billion, was transferred to three unknown wallets over a three-hour period. Despite this significant transfer, Bitcoin prices remained relatively stable, briefly dipping from above $66,000 to the $65,000 range before recovering to $66,105, according to CoinMarketCap.
The lack of market reaction suggests that traders are no longer concerned about potential sell-offs from Mt. Gox creditors. Ben Simpson, founder of Collective Shift, explained:
If you think about the users that were owed Bitcoin from Mt. Gox, these were OG Bitcoiners, people buying Bitcoin five to 10 years ago who believed in the industry and the asset. The Mt. Gox holders are here to HODL.
Swyftx lead market analyst Pav Hundal noted,
The next few weeks will be very interesting to see unfold. It seems like the market is taking the news well so far.
Since July 5, over 41.5% of the total 141,686 Bitcoin from Mt. Gox, equivalent to 59,000 BTC, has been redistributed to creditors. Crypto analysis firm Glassnode believes only a small portion of these creditors plan to sell their assets. The firm’s report highlights that many creditors chose to receive Bitcoin rather than fiat, indicating a continued belief in Bitcoin’s long-term value.
Simpson reiterated that the market had anticipated these movements, stating:
The market had already priced in the fact that these Mt. Gox holders would get their assets back and most likely not sell.
