Almost half of the Bitcoin that was owed to creditors of Mt. Gox has been given out, but many creditors are still hanging on to their coins after ten years of waiting.
Five thousand Bitcoin, or more than 41.5% of the 141,686 BTC that the now-defunct Mt. Gox company owed its creditors, have been given to other people.
According to a story from July 29, the creditors of Mt. Gox have not sold even though they have received almost $4 billion in BTC. About 127,000 creditors of Mt. Gox who are due more than $9.4 billion in BTC have been waiting for more than 10 years to get their funds back.
This has caused uncertainties about a possible sell-off that could affect the price of BTC. After Kraken finished giving Mt. Gox Bitcoin to creditors on July 24, this story was made.
Bitcoin Holders Resist Selling
Japan’s Mt. Gox was a prominent Bitcoin exchange that went down in 2014 after a big hack. It has been around since 2010 and used to handle more than 70% of all BTC transfers. Eighty-five thousand bitcoin were stolen in one of the biggest hacks in history in 2014.
Glassnode’s idea is based on speculation, but data from cryptocurrency exchanges shows that creditors of Mt. Gox are not selling. Notably, Kraken’s spot cumulative volume delta (CVD) has not gone up significantly since the Mt. Gox BTC distribution. CVD is a metric that measures the net difference between spot buying and selling deal volume on centralized exchanges.
It says in the report that they can see a slight rise in sell-side pressure following the distribution.This is still well within normal day-to-day ranges, though.
It’s strange that no one is selling Bitcoin, since the price has gone up over 8,500% in the 10 years since Mt. Gox went down.
Based on how Bitcoin is being distributed right now, investors seem to be going back to “hodling,” which means hanging on for dear life. The share of Bitcoin owned by new investors has dropped by a significant margin, which is typical of what happens when markets reach their highest points.
This move toward hodling is brought up by Glassnode ,This refers to long-term investors buying and selling coins to meet new demand before the $73k ATH.Recently, the rate of decrease across these curves has slowed, which suggests that investors are slowly going back to HODLing.
Over 54% of the Bitcoin total has not been used for more than two years, and over 65.8% has not been used in more than one year.
