The Week On-Chain 31, 2024
After more than a decade of legal process, the long-awaited creditor distribution of the Bitcoin recovered from the Mt.Gox exchange collapse is underway. From a psychological perspective, this represents the final chapter in what has been a major market overhang over the industry since 2013.
Executive Summary:
- Creditor Distribution: Following an extensive legal process, creditors of Mt.Gox are now receiving the Bitcoin recovered from the infamous exchange hack. To date, 59,000 of the 142,000 BTC has been distributed through Kraken and Bitstamp.
- Investor Wealth Trends: There is a noticeable decline in wealth held by new investors, significantly below the levels observed during macro market peaks, indicating a reversion to the HODLing strategy.
- Distribution Pressure: The selling pressure from long-term holders (LTH) remains relatively low and is decreasing. Currently, long-term investors possess 45% of the network's wealth, a proportion that is notably high compared to levels observed during previous macro cycle tops.
For further details, refer to the full analysis in The Week On-Chain newsletter.