Bitcoin whales continue accumulating despite potential sell pressure from Mt. Gox creditors, who might sell up to 99% of their holdings.
Over one-third of the Bitcoin owed to the creditors of the defunct Mt. Gox exchange has already been distributed, but large Bitcoin holders continue their buying spree undeterred.
According to a July 17 post by CryptoQuant, over 36% of the Bitcoin owed to Mt. Gox creditors has been distributed. The post states, “The trustee holds 141,686 BTC, which will be distributed over time. With yesterday’s transaction, 36% of the Bitcoin has been moved to their former users.”
Crypto investors are concerned about the potential sell pressure from the Mt. Gox repayments, which could negatively impact Bitcoin’s price.
More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.
Summary Review: Despite the distribution of over 36% of the Bitcoin owed to Mt. Gox creditors, large Bitcoin holders remain active in accumulating more. This ongoing buying by whales suggests confidence in Bitcoin’s long-term value, even amid concerns about potential sell pressure from the creditors. With over $9.4 billion in Bitcoin still owed and the recovery process ongoing, the impact on Bitcoin’s price remains uncertain. However, the continued accumulation by major investors indicates strong confidence in the cryptocurrency’s future.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
