Mt. Gox just moved $3B in Bitcoin — Here’s why the price barely blipped

Ciaran Lyons2 hours agoMt. Gox just moved $3B in Bitcoin — Here’s why the price barely blippedCrypto analysts say Mt. Gox holders are more likely committed to hodling, and the market thinks so, too.1969 Total views1 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin traders may have finally grown tired of Mt. Gox Bitcoin “FUD,” with markets barely reacting to a new $3 billion transfer from a Mt. Gox-affiliated wallet.

On July 30, Mt. Gox moved around 47,229 Bitcoin (BTC) to three “unknown wallets” over a three-hour period, according to Lookonchain. Over the period, Bitcoin stayed above $66,000 but briefly fell into the $65,000 range.

At the time of publication, Bitcoin is trading at $66,105, according to CoinMarketCap data.Bitcoin worth $3.13 billion was distributed over a period of three hours. Source: Lookonchain/Arkham Intelligence

Crypto commentators told Cointelegraph they hadn’t seen any signs of increased sell pressure, suggesting 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 gox moves became so usual that market doesn’t give a flying fuck lmao,” pseudonymous crypto trader “exitpump” wrote in a July 30 X post.

Swyftx lead market analyst Pav Hundal told Cointelegraph that “the next few weeks will be very interesting to see unfold.”

“It seems like the market is taking the news well so far,” Hundal added.

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Over 41.5%, or 59,000 Bitcoin of the total of 141,686 BTC, has been redistributed to creditors of Mt. Gox since July 5.

Crypto analysis firm Glassnode is also under the impression that only a small portion of Mt. Gox creditors are planning 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.

Simpson explained that 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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