Bitcoin investors might finally be tired of the Mt. Gox Bitcoin FUD. Markets barely reacted to a new $3 billion transfer from a Mt. Gox-linked wallet. According to Lookonchain, Mt. Gox moved approximately 47,229 Bitcoins to three unknown wallets within a three-hour period on July 30. During this time, Bitcoin remained above $66,000 but briefly fell to the $65,000 range.
What’s Happening on the Mt. Gox Front?
At the time of writing, Bitcoin is trading at $66,105 according to CoinMarketCap data. Crypto commentators noted that they do not see signs of increased selling pressure and said that Mt. Gox creditors are likely here to HODL. Collective Shift founder Ben Simpson shared the following statements:
“If you consider the users who are owed Bitcoin from Mt. Gox, these were OG Bitcoin investors who bought Bitcoin 5 to 10 years ago, believed in the sector and the asset. Mt. Gox holders are here because they believe in Bitcoin. These Mt. Gox movements have become so routine that the market doesn’t care at all.”
Swyftx chief market analyst Pav Hundal said it will be very interesting to see how the next few weeks develop and noted that the market has so far received the news well. More than 41.5% or 59,000 of the 141,686 Bitcoins have been redistributed to Mt. Gox creditors since July 5.
Details on the Matter
Crypto analysis firm Glassnode also has the impression that only a small portion of Mt. Gox creditors plan to sell. The Glassnode team shared the following statements on the matter:
“Creditors chose to receive Bitcoin instead of fiat currency, which is new in Japanese bankruptcy law. Therefore, it is relatively likely that only a subset of these distributed assets will actually be sold on the market.”
Simpson explained that the market has already priced in the fact that these Mt. Gox holders will reclaim their assets and are unlikely to sell, and commented on the matter:
“Unlike recent events where the German government sold all their Bitcoins, they need cash, not Bitcoin, which is why two completely different scenarios emerge. Mt. Gox holders are here to invest.”
