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A recent $3 billion Bitcoin transfer from Mt. Gox-affiliated wallets had minimal impact on the market, suggesting traders are now unfazed by such movements. Despite the significant transfer, Bitcoin maintained its price above $66,000, with no signs of increased sell pressure.
Bitcoin Market Unshaken by $3 Billion Mt. Gox Transfer, Traders Remain Unfazed and Confident
The markets have scarcely responded to a new $3 billion transfer from a Mt. Gox-affiliated wallet, suggesting that Bitcoin traders have finally grown weary of the "FUD" surrounding Mt. Gox Bitcoin.
According to Lookonchain, Mt. Gox transferred approximately 47,229 Bitcoin to three "unknown wallets" within three hours on July 30. Bitcoin maintained a price above $66,000 during this period, although it momentarily dipped into the $65,000 range.
According to CoinMarketCap data, Bitcoin is trading at $66,105 at publication.
Crypto commentators informed Cointelegraph that they had not observed any indications of heightened sell pressure, implying that Mt. Gox credits are likely "here to HODL."
“If you think about the users that were owed Bitcoin from Mt. Gox these were OG Bitcoiners, these were the people buying Bitcoin five to 10 years ago, that believed in the industry and believed in the asset,” Collective Shift founder Ben Simpson told Cointelegraph.
“The Mt. Gox holders are here to HODL,” Simpson added.
“These Mt box moves became so usual that market doesn’t give a flying fuck lmao,” pseudonymous crypto trader “exit pump,” wrote in a July 30 X post.
Pav Hundal, the chief market analyst at Swyftx, stated to Cointelegraph that "the events of the next few weeks will be highly captivating."
“It seems like the market is taking the news well so far,” Hundal added.
Mt. Gox Creditors Receive Over 41% of BTC Holdings, Most Likely to HODL Rather Than Sell
Since July 5, creditors of Mt. Gox have received over 41.5% of the total of 141,686 BTC, or 59,000 Bitcoin.
Glassnode, a crypto analysis firm, also believes that only a limited number of Mt. Gox creditors intend to sell.
“Creditors opted to receive BTC, rather than fiat, which was new in Japanese bankruptcy law […] As such, it is relatively likely that only a subset of these distributed coins will be truly sold onto the market,” Glassnode stated.
According to Simpson, the market had already "priced in the fact that these Mt. Gox holders would get their assets back and most likely not sell."
“Unlike recent events like the German government forcing all their Bitcoin, they don’t need Bitcoin, they need cash, so two completely different scenarios so yeah the Mt. Gox holders are here to HODL,” Simpson added.
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