Mt. Gox Creditors Opt To HODL Bitcoin Rather Than Sell, CryptoQuant Data Shows
24 Julho 2024 - 3:00PM
NEWSBTC
Amid the recent recovery from a significant price correction of
over 25% that sent the Bitcoin price to a 6-month low of $53,500,
the largest cryptocurrency on the market has since recovered to
trade in the $66,000 to $68,000 range despite the start of Mt. Gox
creditor repayments. Investors, buoyed by prospects of
continued price appreciation, have adopted a HODL stance, opting to
retain their assets rather than selling them off following the
alleged hack suffered by the Bitcoin exchange in 2011. BTC Hodlers
Stand Firm Data from market intelligence platform Arkham reveals
that Mt. Gox initiated a significant movement of $2.47 billion
worth of BTC to new wallets, facilitating the distribution of 5,106
BTC worth $335 million to four distinct Bitstamp addresses on
Wednesday. Concurrently, creditors have commenced receiving
their owed Bitcoin and Bitcoin Cash (BCH) through the US-based
crypto exchange Kraken, as previously reported by NewsBTC on
Thursday. Despite initial concerns of a sell-off akin to the June
events, where the German police’s wallet sold over $3 billion in
BTC, impacting Bitcoin’s market performance, analytics from
CryptoQuant indicate a positive shift. Related Reading: Road
To $200: Crypto Pundit Reveals Key Levels To Watch For The Solana
Price A notable increase in Bitcoin withdrawals from Kraken
post-Mt. Gox reimbursements suggest that affected users opt to hold
onto their coins, moving them from exchanges to cold wallets.
On-chain data compiled by the firm shows that in the past 24 hours
alone, more than 5,000 BTC worth $329 million have been withdrawn
from exchanges, contributing to the current consolidation price
action and stability for the Bitcoin price over the past few days.
Arkham’s data further illustrates Mt. Gox’s ongoing efforts to
repay creditors, with over 50,000 BTC transferred from the
exchange’s wallet out of a maximum of 142,000 BTC while retaining
90,344 BTC valued at approximately $6 billion in BTC. Echoing the
sentiment of CryptoQuant’s findings, Alex Thorn from Galaxy Digital
highlights that most creditors are long-term Bitcoin proponents
with a profound understanding of the technology. Thorn
asserts that their preference to reclaim Bitcoin rather than opt
for a USD payout signifies a strong inclination towards holding
their assets rather than triggering a sell-off. Moreover, Thorn
points out that the substantial capital gains implications of
selling Bitcoin could dissuade creditors from liquidating their
holdings. Bitcoin Price Analysis At the time of writing, the
largest cryptocurrency on the market is trading at the $66,400
milestone, as it is a key support level for the Bitcoin price on
its way to retesting the upper resistance walls with an eye on the
all-time high of $73,700 reached on March 14th. Adding to the
bullish sentiment surrounding BTC’s price performance over the past
week, the price may find notable support levels that could prevent
further declines in the event of a sell-off by some Mt. Gox
creditors in the coming days at $65,000. Related Reading:
Litecoin (LTC) Set To ‘Wake Up’, According To Legendary Trader’s
Forecast Another key level for the bulls to watch is the $63,500
area, where the 200-day exponential moving average (EMA) is
located, which, as seen in the daily BTC/USDT chart below, has
previously accompanied the price on further gains and acted as a
strong support for BTC. Ultimately, it remains to be seen
what stance creditors of the failed Mt. Gox exchange will take in
the coming days and weeks as more repayments are expected to flood
creditors’ wallets and what impact this may have on the price
Featured image from DALL-E, chart from TradingView.com
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