Mt. Gox Transfer of $3B in Bitcoin Leaves Market Generally Unscathed
Key Takeaways:
Mt. Gox transferred 47,229 Bitcoin, worth $3 billion, to three unknown wallets, but the market remained stable.
The market’s calm response suggests that most Mt. Gox creditors, long-term Bitcoin believers, are holding their assets.
Experts and analysis firms indicate that only a small portion of the distributed coins may be sold.
YEREVAN (CoinChapter.com) — On July 30, Mt. Gox transferred around 47,229 Bitcoin, valued at $3 billion, to three unknown wallets.
Mt. Gox Bitcoin Transfer Alert. Source: Lookonchain
Despite the significant transfer of 47,229 BTC, the market has remained relatively stable. The chart illustrates the day’s price movement, with Bitcoin reaching a low of approximately $65,000 before climbing back to around $66,072.95. According to CoinMarketCap, BTC is currently trading at $66,072.95, reflecting a 1.29% decrease over the last 24 hours.
This stability suggests that the market has absorbed the news of the Mt. Gox transfer without significant concern, reinforcing the perception that many Mt. Gox creditors intend to hold onto their Bitcoin rather than sell. The overall market cap currently stands at $1.30 trillion, with a 24-hour trading volume of $28.67 billion. The circulating supply of Bitcoin is 19,733,640 BTC, close to its maximum supply of 21 million BTC.
Mt. Gox Bitcoin Transfers Now Routine, Market Unfazed
Experts suggest that the lack of a market reaction stems from the nature of the Mt. Gox creditors. Ben Simpson, founder of Collective Shift, mentioned that these holders are likely long-term believers in Bitcoin. He stated,
“If you think about the users that were owed Bitcoin from Mt. Gox, these were OG Bitcoiners, these were the people buying Bitcoin five to 10 years ago.”
Additionally, crypto trader “exitpump” noted that such large transfers have become routine. They tweeted,
“These Mt Gox moves became so usual that market doesn’t give a flying fuck lmao.”
Market Indifference to Mt. Gox Moves. Source: exitpump
This suggests that the market has grown accustomed to these transfers without immediate sell-offs.
Market Steady as Payouts Begin
Pav Hundal, Swyftx’s lead market analyst, commented on the situation, noting the market’s calm. He stated,
“The next few weeks will be very interesting to see unfold.”
So far, there have been no signs of panic.
According to Glassnode, a crypto analysis firm, most Mt. Gox creditors opted to receive their payouts in Bitcoin rather than fiat currency. Glassnode noted,
“It is relatively likely that only a subset of these distributed coins will be truly sold onto the market.”
