{"id":98955,"date":"2024-11-05T13:15:24","date_gmt":"2024-11-05T17:15:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=98955"},"modified":"2024-11-05T13:19:18","modified_gmt":"2024-11-05T17:19:18","slug":"mt-gox-shifts-2-2b-in-bitcoin","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/mt-gox-shifts-2-2b-in-bitcoin\/","title":{"rendered":"Mt. Gox Shifts $2.2B in Bitcoin, Intensifying BTC Selling Pressure"},"content":{"rendered":"\n

For over a decade, about 127,000 Mt. Gox creditors <\/a>owed more than $9.4 billion in Bitcoin.<\/p>\n\n\n\n

\"Mt.<\/figure>\n\n\n\n

Mt. Gox recently transferred billions in Bitcoin, with some of it directed toward centralized exchanges, potentially signaling further creditor repayments as the decade-long case nears its end.<\/p>\n\n\n\n

A wallet linked to the bankrupt exchange moved over $2.19 billion in Bitcoin to three separate wallets on November 4. On-chain data from Spot on Chain, shared in a November 5 post on X\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, reveals that some of the funds went to exchanges OKX and B2C2:<\/p>\n\n\n\n

\n

\u201cOver the last 4 days, Mt. Gox has transferred out a total of 32,871 $BTC ($2.22B). Among these tokens, 296 $BTC ($20.13M) was moved to #B2C2 and #OKX. Currently, there remain 12,006 $BTC ($810M) in #MtGox known wallets.”<\/p>\n<\/blockquote>\n\n\n\n

\"Mt.
Mt. Gox wallet, transactions. Source: Spot On Chain<\/em><\/figcaption><\/figure>\n\n\n\n

Mt. Gox had previously owed over $9.4 billion in Bitcoin<\/a> to approximately 127,000 creditors, raising concerns that a surge in repayments could cause sell pressure and negatively impact Bitcoin\u2019s price.<\/p>\n\n\n\n

Potential Selling Pressure from Mt. Gox?<\/h3>\n\n\n\n

Currently, Mt. Gox-related wallets hold around $825 million in Bitcoin, according to Spot on Chain. <\/p>\n\n\n\n

\"Mt.
Mt. Gox wallets. Source: Spot On Chain<\/em><\/figcaption><\/figure>\n\n\n\n

In the 10 years since Mt. Gox\u2019s collapse, Bitcoin\u2019s price has surged over 8,500%, heightening concerns that creditors might liquidate their holdings.<\/p>\n\n\n\n

Yet, Mt. Gox creditors have largely retained their BTC. By July 30, Mt. Gox had completed 41.5% of its Bitcoin distribution, transferring 59,000 Bitcoin to creditors. <\/p>\n\n\n\n

Despite receiving nearly $4 billion worth, creditors were not selling, according to a July 29 report by Glassnode:<\/p>\n\n\n\n

\n

\u201cCreditors opted to receive BTC, rather than fiat, which was new in Japanese bankruptcy law [\u2026] As such, it is relatively likely that only a subset of these distributed coins will be truly sold onto the market.\u201d<\/p>\n<\/blockquote>\n\n\n\n

\"Mt.
BTC: Mt. Gox trustee outflows. Source: Glassnode<\/em><\/figcaption><\/figure>\n\n\n\n

Once a leading Bitcoin exchange, Mt. Gox was established in Japan in 2010 and at its peak handled over 70% of Bitcoin transactions. It famously lost 850,000 BTC in a 2014 hack, making it one of the largest crypto breaches in history.<\/p>\n","protected":false},"excerpt":{"rendered":"

For over a decade, about 127,000 Mt. Gox creditors owed more than $9.4 billion in Bitcoin. Mt. Gox recently transferred billions in Bitcoin, with some of it directed toward centralized exchanges, potentially signaling further creditor repayments as the decade-long case nears its end. A wallet linked to the bankrupt exchange moved over $2.19 billion in […]<\/p>\n","protected":false},"author":56,"featured_media":98961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10893,152,5157,484,202],"class_list":["post-98955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankruptcy","tag-bitcoin","tag-bitcoin-adoption","tag-bitcoin-price","tag-blockchain"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/Mt.-Gox-Shifts-2.2B-in-Bitcoin-Intensifying-BTC-Selling-Pressure.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=98955"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/98961"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=98955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=98955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=98955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}