Bitcoin (BTC) Prospects May Not Be as Dire as Suspected Amid Massive Mt. Gox Payouts

A wallet affiliated with Mt. Gox, the now-defunct cryptocurrency exchange, transferred $3 billion on Tuesday. Bitcoin reacted by dipping just 0.6% over a 24-hour period

Bitcoin (BTC) price barely reacted on Tuesday as $3 billion moved from a wallet affiliated with Mt. Gox, the now-defunct cryptocurrency exchange.

The large sum of BTC was transferred over a period of three hours on September 28. At the time of writing, the token reacted by dipping just 0.6% over a 24-hour period and was still trading in the $66K range, priced at $66,084 (BTC/USD).

There was also no noticeable indication of higher sell pressure from Bitcoin investors. This is a major change from how Bitcoin reacted the last time there was a sizable Mt Gox payout.

Bitcoin Payouts Sold Off Last Time, Not This Time

The last time a large sum of Bitcoin was paid out by Mt. Gox, Bitcoin reacted by dipping 3%. That same payout earlier in July caused Ethereum (ETH) to drop by 5% and created a similar ripple throughout the crypto industry.

This time around, there were fears that the same thing would happen again, especially considering how quickly the Bitcoin price reacted to the last round of large payouts. However, that sell pressure never materialized.

Crypto investors may be exhibiting a pattern of HODL (hold on for dear life) among crypto investors. Those same investors saw what the last payout did, but they also saw that the Mt. Gox payout recipients were not making moves to sell off their coins.

As the market pays closer attention to what is actually happening with all of that Bitcoin being transferred, there is less fear around the payouts.

The consensus among industry analysts is that the people who bought those tokens on the Mt. Gox exchange back when that exchange was active are people who firmly believe in Bitcoin as a long-term asset, and they are exhibiting similar behavior now, five and 10 years later.

This bodes well for the crypto industry, as it means that they may not have as much to fear from major Bitcoin payouts as previously thought. Bitcoin now has a chance to climb and pass $70,000 in the near future and perhaps set a new record high in the coming weeks.

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