Mt. Gox Creditors Hasn't Sold Bitcoin Yet, Market Remains Stable

Bittime - Ki Young Ju, founder and CEO of CryptoQuant, said that creditors of Mt. Gox which accepts payments via Kraken has not sold their Bitcoin in large quantities.  

Mt. Gox and Creditor Payments

Mt. Gox is one of the first crypto exchanges that was founded in 2010 in Tokyo, Japan. At its peak, Mt. Gox handles more than 70% of Bitcoin transactions worldwide. 

However, in February 2014, Mt. Gox declared bankruptcy after approximately 850,000 Bitcoins, worth more than $450 million at the time, were lost in a hacking attack. This bankruptcy left thousands of creditors waiting for refunds.

On July 16, 2024, Kraken received 48,641 Bitcoins, worth more than $3 billion, from the bankruptcy administrator of Mt. Gox to be distributed to creditors. However, to date, there has been no significant increase in Bitcoin spot trading volume on Kraken, indicating that creditors are not selling their assets immediately.

Bitcoin Trading Volume Still Stable

Ki Young Ju revealed that there was no significant spike in hourly spot trading volume dominance or Bitcoin outflow on Kraken after payment to creditor Mt. Gox is done. 

This is a positive sign that creditors do not rush to sell their Bitcoins. So, concerns about Bitcoin price dropping due to massive selling by creditors of Mt. Gox may be unfounded.

Ki Young Ju also said that any current decline in Bitcoin prices is more likely to be caused by general market sentiment rather than selling related to Mt. Gox.

Bitcoin Price Drop Concerns

Sas known below pCrypto markets have been dogged by concerns that a massive sell-off by creditors of Mt. Gox could cause Bitcoin prices to plummet. However, the analysis of CryptoQuant indicates that to date, no major selling has occurred, and trading volumes on Kraken have remained stable.

Ki Young Ju also added that although all global time zones have passed since the payment was made, it is still necessary to pay attention to trading activities in the Asian time zone. 

So far, however, the signs remain positive. If this trend continues, it will reduce concerns about a potential decline in Bitcoin prices due to heavy selling by Mt. Gox.

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