Cryptocurrency journalist and blogger Colin Wu has published a post about a poll that took place among Reddit users – Mt. Gox Bitcoin recipients – recently.
In that poll, those users, who received compensation from Mt. Gox in Bitcoin, revealed what they are going to do with the newly received BTC. The survey shows that the majority of the voters do not plan to sell it.
Mt. Gox Bitcoin poll on Reddit
According to Wu’s tweet, so far, there are 467 users who participated in the vote, called “What percentage of your Bitcoins will you sell immediately after receiving them?”
Two hundred sixty Redditors chose the “zero” option, which accounted for 55% of the voters. Eighty-eight Redditors voted for selling all of the BTC they will receive or have received from Mt Gox via centralized and currently operational cryptocurrency exchanges – that was 18% of the voters. Sixty-eight people said they would sell from 1% to 25% of their Bitcoin. Twenty-six Redditors chose the option of selling 25% to 50%.
A vote on the Reddit MtGox forum showed that among the 467 members who participated in the vote, 260 people chose not to sell the bitcoins after receiving the compensation, accounting for the highest proportion of 55%. 88 people chose to sell all, accounting for 18%, ranking… pic.twitter.com/9OaOxOOK2P
— Wu Blockchain (@WuBlockchain) July 18, 2024
Earlier this week, Mt. Gox transferred close to $6 billion worth of Bitcoin to crypto exchanges, which will then distribute the funds among Mt. Gox creditors and traders. Those people were hit by a massive funds loss as a result of a hack in 2014. The exchange became nonfunctional after that.
One of those exchanges, the U.S.-based platform Kraken, announced that it had received part of that Bitcoin and intends to send it to Mt. Gox customers within a week or two.
The results of the poll, however, mirror the opinion recently shared by Bitcoin advocate and Jan3 chief executive Samson Mow. He tweeted that he believes only about 20% of that crypto will eventually hit the market. The rest, he believes, will be locked in cold storage vaults.
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Whales scooping up Bitcoin like crazy, analyst says
Ki Young Ju, founder and CEO of CryptoQuant, shared data that shows that this year, whales have purchased 1.8 million Bitcoin. They include wallets holding more than 1,000 BTC, custodial wallets and spot Bitcoin ETFs. This means that every week, all these entities have been buying 100,000 Bitcoins.
In 2021, the overall Bitcoin inflow into those wallets amounted to 70,000 BTC.
#Bitcoin OTC markets are overwhelming CEX markets.Whale wallets (>1K BTC), including spot ETFs and custodial wallets, added 1.45M BTC this year, totaling 1.8M BTC.In 2021, about 70K BTC flowed in over the year; now, it's 100K BTC "weekly." I repeat. 100K BTC weekly. pic.twitter.com/YJPJpMtMPL
— Ki Young Ju (@ki_young_ju) July 17, 2024
