Mt Gox Wallets Now Hold Less Than 25% BTC, Dropping Risks of Any More Bitcoin Crash to Almost 75%

Arkham Intelligence confirmed on August 24 that beleaguered crypto exchange Mt Gox wallets now have less than 25% BTC. This means the risks of any more Bitcoin

Crypto exchange Mt. Gox’s BTC holdings have dropped to almost 25%, significantly reducing the risks of any further Bitcoin (CRYPTO: BTC) market crash due to the repayment, on-chain analytics platform Arkham Intelligence stated on Saturday.

According to Arkham, the exchange wallets, which once held 141,690 BTC, now have 32,900 BTC, with a current value of over $2.11 billion. The wallets had reached a peak value of $10.12 billion in March 2024, as per the platform’s data.

However, the platform noted that the creditors have not sold any of their BTC holdings so far and are unlikely to do so, given the ongoing bull run in the crypto market.

With the U.S. government’s Bitcoin selloff being the only remaining major crash risk, according to experts, the path to $100,000 seems even clearer. Despite selloffs by the German government, the U.S. government and the exchange, the crypto market bulls have shown resilience.

Institutions and retail investors began dumping Bitcoin en masse over fears of a huge market crash as the Mt. Gox Trustee started BTC repayment in July this year. Several crypto traders expressed concerns that the creditors might dump their BTC holdings, leading to a market crash.

However, several experts stated that the risks of any market crash due to the repayment are minimal, and the crypto market is likely to continue heading higher.

Bitcoin price glance: At press time, BTC is trading at $64,000, down 0.56% in the past 24 hours. The apex crypto has seen a 2.04% price increase over the past seven days.

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