Almost all of Mt. Gox’s former creditors might look to sell their Bitcoin, which has surged by over 8,500% in value since the exchange’s collapse a decade ago.
According to finance analyst Jacob King, the repayment of Bitcoin by the defunct Mt. Gox exchange could introduce significant selling pressure to Bitcoin’s price.
King noted that on-chain data indicates Mt. Gox’s creditors have already begun selling their Bitcoin. In a July 4 post on X, he stated:
“While it’s not openly discussed, most of the $8.2 billion worth of Bitcoin set to be distributed to former clients will likely be sold off.”
This forecast comes just hours after Mt. Gox started repaying its debts in Bitcoin and Bitcoin Cash, as announced on July 5.
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