Bitrabo Editorial
After a decade, many Mt. Gox creditors have received their Bitcoin through Kraken, raising concerns about a potential influx into the market impacting Bitcoin prices. Despite this, reports indicate that most creditors are choosing to hold onto their assets rather than sell, showing confidence in the cryptocurrency’s long-term potential.
However, data reveals that Mt. Gox still possesses over 80,000 BTC, valued at around $5.37 billion currently, suggesting the possibility of flooding the market with more Bitcoin.
Assessing Mt. Gox’s Bitcoin Reserves
Arkham Intelligence’s data indicates that Mt. Gox’s BTC holdings have decreased from 142,000 BTC to 80,000 BTC, with over 62,000 BTC already distributed to creditors in recent weeks.
While some creditors opt to hold onto their Bitcoin, others have chosen to sell, contributing to a significant market drop when Bitcoin fell below $54,000. Despite this, the market has since stabilized, with Mt. Gox effectively managing repayments to ease selling pressure.
Recent data shows repayments continuing, with approximately 0.02 BTC sent to eight Bitstamp addresses, and no significant rise in spot trading volume dominance on Kraken, where repayments are facilitated.
With Mt. Gox still holding 80,128 BTC, the market’s response to ongoing repayments will be crucial. Bitcoin is currently trading at $67,085, showing a 5% increase in the last 24 hours.