Bitgo launches last Mt. Gox payout as Bitcoin recovers
Bitgo transfers $2 billion in Mt. Gox BTC after testing.
Glassnode data reveals long-term BTC holders are holding as selling pressure decreases.
Metaplanet reportedly bought 57.1 BTC for $3.3 million.
On Tuesday, Bitcoin (BTC) rose over 3% as investors welcomed the end of Mt. Gox supply pressure. Glassnode data shows investors have resumed stockpiling, believing Bitcoin prices would rise.
Long-term Mt. Gox Bitcoin holders tighten their holdings, ending supply pressure.
Arkham Intelligence reported a test transaction from a Mt. Gox wallet. BTC wallet with $2.19 billion is thought to be a Bitgo exchange wallet, the ultimate distributor of Mt. Gox creditor cash.
A few hours after the revelation, Bitgo shifted $2 billion in Mt. Gox Bitcoin to pay creditors. Exchanges may have seen the last of Mt. Gox repayments.
Market participants had different responses to the move. Some interpreted it as a pessimistic move, while others thought Bitcoin may try to break $70K again.
Bitcoin is up over 3% in the previous 24 hours, indicating positive optimism.
The move matches Glassnode's weekly on-chain report that Bitcoin investors are increasingly accumulating.
Glassnode data shows that the Accumulation Trend Score , which measures market weighted balance change, reached 1.0 in recent weeks, suggesting higher accumulation.
Long-term holdings (LTH) added 374K BTC since May, increasing the overall supply. "From this, we can infer that the propensity for investors to hold onto their coins is now a larger force relative to their spending pressures," Glassnode.
During the current dip, Bitcoin found support around the Active Investor Cost Basis, indicating investors may still expect a rebound.
Institutional investors may be affected by this attitude toward Bitcoin. Metaplanet, a Japanese investment firm, bought 57.1 Bitcoin for $3.3 million, boosting its total to 303 BTC.
Marathon Digital priced $250 million in oversubscribed senior convertible note offers to buy additional Bitcoin.
