Analyst: Up to 99% of Mt. Gox’s $8.2 billion worth of Bitcoin may be sold

Most of the Bitcoin repaid by the defunct exchange Mt. Gox will be sold on the market, which could put more downward pressure on BTC.

According to financial analyst Jacob King, Mt. Gox’s repayments could add $8.2 billion in additional selling pressure to the Bitcoin market. Bitcoin USD price.

Analysts say on-chain movements already indicate that Mt. Gox’s creditors have already begun selling, with King writing in a July 4 X post:

“No Bitcoin user will say it out loud, but most of the $8.2 billion worth of BTC that is about to be distributed to former customers will be sold.”

The pessimistic prediction came just hours after Mt. Gox began paying off its debts with Bitcoin and Bitcoin Cash. BCH USD, after the cryptocurrency exchange announced its closure on July 5.