search
Homeweb3.0Mt. Gox Redemption Fears 'Overblown' Say Traders as $10B BTC Holdings Draw Concerns

The defunct crypto exchange's trustees said Monday they are preparing to start distributing bitcoin (BTC) stolen from clients in a 2014 hack in the first week of July.

Mt. Gox Redemption Fears ‘Overblown’ Say Traders as B BTC Holdings Draw Concerns

Cryptotraders say selling pressure from Mt. Gox's newly announced repayments could be much less than market observers fear, easing concerns about an imminent sell-off.

"The impact on Bitcoin's price from Mt. Gox distributing Bitcoin is likely overblown," Sam Callahan, senior analyst at Swan Bitcoin, said in a Tuesday email to CoinDesk. "Creditors who wanted to sell their Bitcoin have now had more than 10 years to do so through selling their bankruptcy claims to more convicted, long-term investors.

"In addition, most creditors will likely hold their Bitcoin because their cost basis is less than $700 per Bitcoin," he added. Galaxy Research said in a Monday note that of the total 141,000 BTC earmarked for distribution, 65,000 BTC will be delivered to individual creditors, and another 30,000 BTC will be delivered to claims funds and a separate bankruptcy.

"It's reasonable to assume that most of the BTC received by funds that acquired claims from creditors will be distributed to LPs in kind and not sold off," the firm said, alleviating concerns. The defunct crypto exchange's trustees said Monday they are preparing to distribute the Bitcoin (BTC) stolen from clients in a 2014 hack in the first week of July.

The exact Bitcoin amount to be distributed remains unknown publicly, but the exchange consolidated 140,000 BTC, worth around $9 billion, from multiple cold wallets to a single address in May. Expectations of the upcoming selling pressure sent Bitcoin spiraling down more than 4% on Monday, briefly driving it below $60,000 for the first time since early May.

EDITED BY Shaurya Malwa

The above is the detailed content of Mt. Gox Redemption Fears 'Overblown' Say Traders as $10B BTC Holdings Draw Concerns. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Meme Coins' Hot Streak Cooled Dramatically in Q1 2025Meme Coins' Hot Streak Cooled Dramatically in Q1 2025Apr 18, 2025 pm 12:24 PM

This sharp drop happened as investor interest faded and a major scandal hit the highly speculative market.

We Tend to Think Coin Flips Are Unfair When We LoseWe Tend to Think Coin Flips Are Unfair When We LoseApr 18, 2025 pm 12:22 PM

Despite being pretty much the iconic example of “random” – well, that and dice rolls – we can't help but feel like there's some element of skill involved. Especially when we lose.

Bitwise Announces the Listing of Four of Its Crypto ETPs on the London Stock Exchange (LSE)Bitwise Announces the Listing of Four of Its Crypto ETPs on the London Stock Exchange (LSE)Apr 18, 2025 am 11:24 AM

Bitwise, a leading digital asset manager, has announced the listing of four of its crypto Exchange-Traded Products (ETPs) on the London Stock Exchange (LSE).

Bitcoin Set to Explode After Gold's Rally: Here's When BTC Could Break All-Time HighsBitcoin Set to Explode After Gold's Rally: Here's When BTC Could Break All-Time HighsApr 18, 2025 am 11:22 AM

Bitcoin may be poised for a massive rally—but only if gold continues its upward climb, according to Joe Consorti, Head of Growth at Theya.

Shiba Inu (SHIB) Price Prediction 2025: Targeting $0.0000399 By Year-EndShiba Inu (SHIB) Price Prediction 2025: Targeting $0.0000399 By Year-EndApr 18, 2025 am 11:20 AM

The Shiba Inu price continues to attract the attention of analysts, who are watching for its next potential move. By Samuele Piar. Updated April 14, 2025.

Ripple and U.S. Securities and Exchange Commission (SEC) Agree to Hold the Appeal in AbeyanceRipple and U.S. Securities and Exchange Commission (SEC) Agree to Hold the Appeal in AbeyanceApr 18, 2025 am 11:18 AM

The joint motion of Ripple and U.S. Securities and Exchange Commission (SEC) to hold the appeal in abeyance has been granted by the Circuit Judge Jose A. Cabranes.

Bitcoin (BTC) was treading water just below $85,000Bitcoin (BTC) was treading water just below $85,000Apr 18, 2025 am 11:14 AM

Bitcoin (BTC) was treading water just below $85,000 late Thursday as tensions between U.S. President Donald Trump and Federal Reserve Chair Jerome Powell added another layer of uncertainty for investors.

AB DAO Launches Dual Reward Campaign in Collaboration with Bitget to Celebrate Its Token Generation EventAB DAO Launches Dual Reward Campaign in Collaboration with Bitget to Celebrate Its Token Generation EventApr 18, 2025 am 11:12 AM

Today, AB DAO officially announced the launch of a dual reward campaign in collaboration with Bitget (bitget.com), the world's second-largest digital asset trading platform.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
1 months agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. Best Graphic Settings
1 months agoBy尊渡假赌尊渡假赌尊渡假赌
Will R.E.P.O. Have Crossplay?
1 months agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

PhpStorm Mac version

PhpStorm Mac version

The latest (2018.2.1) professional PHP integrated development tool

SAP NetWeaver Server Adapter for Eclipse

SAP NetWeaver Server Adapter for Eclipse

Integrate Eclipse with SAP NetWeaver application server.

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

Dreamweaver Mac version

Dreamweaver Mac version

Visual web development tools