After more than a decade of suspense, creditors of the defunct bitcoin (btc) exchange Mt. Gox have finally begun receiving their money. long-awaited payments this month. Data from research firm Glassnode shows that as of Tuesday, 59,000 of Mt. Gox’s 142,000 btc had already been distributed to creditors via exchanges Kraken and Bitstamp, with another 79,600 btc set to be distributed soon.
Is moderate selling pressure expected?
According to a recent study report According to Glassnode, the total volume of recovered coins amounts to over 141,686 btc, of which almost 59,000 btc have already reached creditors and the remaining sum is pending distribution.
Kraken and Bitstamp have been designated as one of five exchanges responsible for managing and disbursing these funds. Kraken has received 49,000 btc and Bitstamp the initial tranche of 10,000 btc.
Notably, the firm noted that the size of these distributions already exceeds recent significant transactions in the cryptocurrency space, including cryptocurrency ETF inflows, issuance to miners, and massive selling pressure that the German government experienced between June and July.
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However, the creditors opted to receive btc instead of fiat currency, which was a new option under Japanese bankruptcy law, suggesting that many of the creditors remain active in the bitcoin space, despite the lengthy legal process.
This active participation may indicate that only a subset of the distributed coins will enter the market for sale, according to Glassnode's analysis, which may indicate a long-term holding strategy Among the creditors. This ultimately supports the price of btc rather than having an impact that could result in further price declines for the largest cryptocurrency on the market.
Furthermore, an analysis of the cumulative spot volume delta (CVD) metric on Kraken and Bitstamp shows only a marginal increase in sell-side pressure, suggesting that creditors may be more inclined to hold on to their btc for the long term.
Long-term bitcoin holders are flocking in
It also supports the price of bitcoin over the past month, which has rallied nearly 25% after hitting a six-month low of $53,500 on July 5. Long-term holders of the market's largest cryptocurrency have been on a buying spree, x.com/ali_charts/status/1818247333798121666″ target=”_blank” rel=”nofollow”>according market expert Ali Martinez, who recently revealed that these investors have added more than 110,000 btc to their portfolios.
Similarly, the bitcoin ETF market has had its share of the recent recovery seen in the btc price over the past month, with the latest data showing new inflows into the regulated market in the US.
According to SoSo Value btc-spot” target=”_blank” rel=”nofollow”>databitcoin ETFs in the United States saw a total of $124 million in new inflows on Monday, although Grayscale’s GBTC ETF saw outflows of around $54 million. BlackRock’s IBIT ETF saw the most inflows during the day, at $206 million.
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All of this has contributed to the growth of btc. price consolidation between $65,000 and $68,000 in recent days, with an eye on a possible retest of the all-time high of $73,500 reached in March of this year.
The largest cryptocurrency on the market is currently trading at $66,000, down 2.5% over the past 24 hours and 1.5% over the past week.
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