Mt. Gox Bitcoin Transfers Now Routine, Market Unfazed
- WBOYOriginal
- 2024-08-01 00:44:14496browse
On July 30, Mt. Gox transferred around 47,229 Bitcoin, valued at $3 billion, to three unknown wallets. Despite the significant transfer, the market has
Mt. Gox has transferred nearly 47,229 Bitcoin, valued at $3 billion, to three unidentified wallets on July 30. However, the market has shown little reaction to the substantial transfer.
The price chart for the day reveals that Bitcoin reached a low of around $65,000 before recovering to trade at approximately $66,072.95, as per CoinMarketCap. This marks a slight decrease of 1.29% over the last 24 hours. BTC is currently trading at $66,072.95.
As the dust settles on the massive Mt. Gox Bitcoin transfers, the market has remained surprisingly stable. A closer look at the numbers reveals why.
According to crypto analysis firm Glassnode, the vast majority of Mt. Gox creditors—around 76% to be exact—chose to receive their payouts in Bitcoin itself. This stands in stark contrast to the fire sale many anticipated, with creditors cashing out their long-awaited Bitcoin holdings en masse.
Instead, it appears that the market has absorbed the news of the Mt. Gox transfer without significant concern. This could be due to the perception that many Mt. Gox creditors are likely to hold onto their Bitcoin rather than sell it immediately. 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, nearing its maximum supply of 21 million BTC.
Mt. Gox Bitcoin Transfers Now Routine, Market Unfazed
The lack of a market reaction might also be attributed to the nature of the Mt. Gox creditors themselves. Speaking to CoinDesk, Ben Simpson, founder of Collective Shift, stated that these holders are likely to be og Bitcoiners who purchased the leading cryptocurrency several years ago.
“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,” he said, adding that these holders are likely to be bullish on Bitcoin and have no immediate need to sell.
Moreover, crypto trader “exitpump” also highlighted how such large transfers have become routine over time. They tweeted about the Mt. Gox transfers, writing:
“These Mt Gox moves became so usual that market doesn’t give a flying fuck lmao.”
This suggests that the market has grown accustomed to these transfers being made without any immediate sell-offs, which might have contributed to the lack of a strong reaction.
Market Steady as Payouts Begin
Pav Hundal, lead market analyst at Swyftx, also commented on the situation, highlighting the market’s calm.
“The market has taken the first batch of Mt. Gox BTC in stride. Panicked sell-offs were a major concern, but the market structure has held up well,” he noted, adding:
“The next few weeks will be very interesting to see unfold. But for now, the market seems to be able to absorb this BTC coming back to the market without too much fuss. Let’s see how long that lasts.”
So far, there have been no signs of panic, and the market is digesting the returning Bitcoin slowly.
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