More than a third of the Bitcoins of failed exchange Mt. Gox was distributed to creditors, but Bitcoin whales continued to buy undeterred.

In a July 17 post on X, CryptoQuant wrote:

“Mt. Gox currently holds 141,686 BTC, which will be distributed over time. With yesterday's transaction, over 36% of Bitcoin was transferred to creditors.”

Source: CryptoQuant

Cryptocurrency investors are concerned about potential selling pressure as Mt. Gox refunds cause Bitcoin to drop in price.

MT. Gox owes about 127,000 creditors more than $9.4 billion in Bitcoin and they have had to wait more than 10 years to recover the money.

Bitcoin whales continue to accumulate

Despite potential selling pressure from creditors of Mt. Gox, Bitcoin whales continue to accumulate.

A smart whale bought 245 BTC worth nearly $16 million on July 17. According to Lookonchain's post the same day, the address has only traded Bitcoin twice in the past year, earning more than $30 million Profits from transactions.

“From August 9 to December 18, 2023, this whale bought 718 BTC at $29,385 and sold it at $41,953, making $9 million. From February 7 to June 20, 2024, whales bought 1,181 BTC for $48,822 and sold it for $66,792, making $21.2 million.”

Smart Whale Transactions. Source: Lookonchain

Investors often look for whale buying patterns to gauge market health and potential long-term investment opportunities.

Will 99% of Mt. Gox will sell Bitcoin?

According to financial analyst Jacob King, up to 99% of creditors may want to sell the BTC they received from the defunct exchange.

Partly because the value of Bitcoin has increased more than 8,500% in the 10 years since Mt. Gox collapsed.

However, according to famous on-chain detective ZachXBT, only the weakest Bitcoin holders will want to sell their tokens, which will only cause short-term Bitcoin selling pressure.

“My guess is that CT (the weakest investors) will react with the first few transfers of 5k BTC+ to CEX. On-chain transfers (mixing funds in wallets) have no impact.”

The massive selling pressure flooding into the market could have a significant impact on the price of Bitcoin, which has recently recovered from a downtrend that lasted more than a month.

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