Mount Gox still has 90,000 bitcoins, worth roughly $6 billion.
Matt Gox still has a whopping 90,000 bitcoins, valued at $6 billion, as investors and speculators weigh the sale's impact on the bitcoin market.
According to data from Arkham Intelligence, the last transaction from Hundred Gox took place in 2018. It was sent to Bitstamp on July 24, 2024, at 06:50:05 UTC and contains approximately 382 Bitcoin (BTC).
Selling Matt Gox inspires fear, suspicion, and doubt.
The Mt. Gox sale news has caused fear, uncertainty and doubt among market participants in the past weeks, the $8.2 billion question has come down to whether or not Mt Gox creditors have been waiting for more than 10 years. To compensate, they sell their holdings.
At Mt. According to a recent Reddit poll in the Gox bankruptcy subreddit, 56% of 467 creditors have no plans to sell their Bitcoin holdings, while 20%, or 88 individuals, plan to sell their holdings. The remaining respondents indicated that they plan to sell a portion of their Bitcoin while choosing to hold the rest.
Related: Mt. Gox sees $3.2B BTC withdrawn in just two hours.
The findings of the Reddit poll were further corroborated by information from CryptoQuant founder Ki Young Joo. The quantitative analyst explained that following the July 23, 2024 cash distribution to Kraken users, “there was no significant increase in hourly transaction volume dominance or BTC on Kraken.”
Onchain analyst RunnerXBT echoed the same sentiment, stating that only traders with “paper hands” would contribute to the sale by selling their Bitcoin payments, while those who understood the value of decentralized assets would continue to invest.
However, financial analyst Jacob King disagrees with this analysis, arguing that 99% of Gox's lenders are selling Bitcoin due to heavy selling pressure and low organic demand, driving the price of Bitcoin into bear market territory.
Bitcoin price action
From Mt. Gox bankruptcy comes despite billions of selling pressure, the price of Bitcoin is quite resilient.
Following the political developments, Bitcoin has recently reached a high of $68,000 and is currently the Mt. Gox fee is trading around $65,000 though.
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