🚨 ⚠️ 🚨 🚨 #Bitcoin Distribution from Mt. Gox: What’s the Concern?
With less than half of Bitcoin distributed to the creditors of Mt. Gox, the selling pressure remains minimal. What’s there to fear? The September interest rate cut is already a certainty. With such little selling pressure, where will the funds come from to make significant purchases?
CryptoQuant analyst Maartunn reported that as of July 17, 36% of Mt. Gox's Bitcoin has been distributed to creditors. Yesterday, the Mt. Gox custodian transferred 48,641 $BTC from the relevant wallet to the Kraken exchange. Kraken subsequently notified some users by email that they had received Bitcoin from the Mt. Gox custodian.
As of yesterday, the custodian still held 141,686 BTC, which will be gradually distributed in the future. This ongoing distribution process highlights the limited immediate impact on the market, suggesting that concerns over selling pressure may be overstated.