Mt.Gox Creditors Recover 59,000 Bitcoin Through Exchanges, Expect More Redistribution
After years of anticipation, creditors of the defunct Mt. Gox Bitcoin exchange are finally receiving their long-awaited payouts. Data from research firm Glassnode reveals that 59,000 of Mt. Gox’s 142,000 BTC have already been distributed to creditors through the Kraken and Bitstamp exchanges, with an additional 79,600 BTC set to follow.
This distribution of recovered coins is exceeding recent significant transactions in the cryptocurrency space, such as crypto ETF inflows and issuance to miners. It also surpasses the massive selling pressure experienced by the German government between June and July. Notably, creditors have chosen to receive BTC instead of fiat currency, suggesting their continued involvement in the Bitcoin space.
Glassnode’s analysis suggests that only a portion of the distributed coins will enter the market for sale, indicating a long-term holding strategy among creditors. This strategy may support BTC’s price and prevent further declines in the market. Moreover, spot cumulative volume delta (CVD) metrics from Kraken and Bitstamp indicate minimal sell-side pressure, further indicating that creditors are inclined to hold onto their BTC.
Long-term holders of Bitcoin have also played a role in supporting the cryptocurrency’s price, with a recent increase of over 110,000 BTC in their portfolios. Additionally, Bitcoin ETFs in the US have seen inflows, contributing to the market’s recent recovery.
As a result, BTC’s price has consolidated between $65,000 and $68,000, with potential for a retest of the all-time high of $73,500 reached earlier this year. Currently, BTC is trading at $66,000.