Mt. Gox, the long-defunct cryptocurrency exchange, transferred a whopping $709.44 million worth of Bitcoin to the Bitstamp exchange, according to data provided by cryptocurrency analytics platform Lookonchain.
Last month, Mt. Gox creditors started receiving their much-anticipated funds on BitGo, Bitstamp, Kraken, and some other exchanges.
The notorious cryptocurrency exchange, which famously went bankrupt in 2014 following a major hack, started conducting repayments in Bitcoin and Bitcoin Cash in early July. Bitcoin experienced a substantial sell-off on this news.
Gamza KhanzadaevHowever, the bearish impact of Mt. Gox repayments might have been overestimated. According to a poll conducted on the r/mtgoxinsolvency subreddit, more than half of creditors do not intend to immediately sell their coins. Only roughly 14% of the poll respondents opted to liquidate their holdings. That said, the results of the poll hardly mean anything. "Someone with 1 bitcoin selling 25-50% is way different to someone with 10,000 bitcoin selling 25%. You cannot take the results of this survey and calculate some % of bitcoin that will be sold and be anywhere near accurate unless you get lucky," one Reddit user pointed out.
Alex DovbnyaThere is also more compelling data to support the claim that Mt. Gox creditors are not selling Bitcoin en masse. As noted by CryptoQuant CEO Ki Young Ju, there was no significant spike in Bitcoin outflows on Kraken following Mt. Gox's transfers to creditors in late July.
At press time, Bitcoin is trading at $59,379 after declining 2.6%, according to CoinGecko data.
Mushumir Butt
Yuri Molchan