Nearly half of the Bitcoins held by Mt. Gox creditors have been distributed, but even after a decade of waiting, many creditors appear to be choosing to hold on to their Bitcoins rather than sell them.

Mt. Gox creditor behavior analysis

Since Mt. Gox, a Japanese exchange, collapsed due to a hack in 2014, its creditors have waited 10 years to finally recover their funds. The exchange processed more than 70% of all Bitcoin transactions in its heyday and lost 850,000 Bitcoins in the hack.

According to the latest data, more than 41.5%, or 59,000 Bitcoins (BTC), have now been reallocated to these creditors. However, despite receiving nearly $4 billion worth of Bitcoin, most creditors have not put it on the market for sale, according to research from Glassnode.

Glassnode analyzed the cumulative spot volume difference (CVD) of the Kraken exchange, the main distribution platform, and found that it did not show significant growth after the Mt. Gox Bitcoin distribution. The report states:

"We can see a slight increase in seller pressure post-distribution. However, this is still within the daily range."

This means that even though the price of Bitcoin has increased by more than 8,500% in the decade since the collapse of Mt. Gox, the market has not seen the expected massive selling pressure.

Bitcoin investors switch to “holding”

At the same time, Glassnode also analyzed the current Bitcoin allocation situation in the market in the report. The results show that investors have shifted from realizing profits to long-term holdings. Glassnode noted that the proportion of Bitcoin held by new investors has dropped significantly, which is similar to behavior at macro market tops.

“This describes long-term investors spending and selling coins as they meet new demand before the price reached its all-time high of $73,000. The rate of decline in these curves has slowed recently, indicating a gradual return to primarily holding investor behavior .

Over 65.8% of the Bitcoin supply has been inactive in the past year, and over 54% of the supply has been inactive in the past two years.

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