Mt. Gox has moved around 13.265k BTC worth US$ 784 Million to an address(1PuQBjp..WhTb). The sudden transaction has sent alarms across the crypto community which sees the move as a sign of creditors soon getting their share of pie.
The blockchain intelligence platform, Arkham reported that the crypto exchange, Mt Gox first transferred 13264.84446993 BTC worth of whopping $784.20M on 20 Aug, 2024 23:39:35 UTC.
With Mt Gox sending the Bitcoins into the market for creditors, a ripple effect could be that Mt. Gox creditors may sell off their BTC as they receive it, which would put significant selling pressure on the Bitcoin and other cryptos. Again resulting in a dip into BTC, just like it happened a month ago.
However, the creditors receiving Bitcoins might also take another route of instead hodling BTC and shifting their BTC in cold wallet, which certainly would not add to any fluctuations in the market. A recent reddit poll had estimated similar sentiments among creditors.
Thus, all in all, with such huge BTC inflows in the market, hodling could be the safest bet for creditors and other degens alike, given if the implications can alter the current Bitcoin trading price of $59,084.
Note that, till July 30th, Mt Gox had reportedly distributed around 41.5% of Bitcoin to its creditors. It had last transferred 858.64493819 BTC worth of US$ 56.83 Million on 30th July 2024.
Also Read: BitGo Wallet Credited $2.9B BTC by Mt. Gox Tests Transaction
Source: https://www.cryptonewsz.com/mt-gox-moves-btc-worth-784-million-creditors/