The ongoing distribution of Bitcoin to creditors of the collapsed Mt. Gox crypto exchange has not deterred large Bitcoin holders, known as whales, from continuing to accumulate the cryptocurrency. Despite concerns about potential selling pressure from creditors, whales are still actively buying Bitcoin.
The trustee for Mt. Gox currently holds 141,686 BTC, with 36% already distributed to former users. With over 127,000 creditors awaiting the return of over $9.4 billion in Bitcoin, there are worries that the repayments could lead to a negative impact on Bitcoin’s price. Financial analyst Jacob King suggested that many creditors may choose to sell their Bitcoin, considering the significant increase in its value since Mt. Gox’s collapse.
However, crypto trader RunnerXBT believes that only the least committed Bitcoin holders will sell, resulting in only short-term selling pressure. Despite these concerns, whales are still actively buying Bitcoin. On July 17, one investor purchased 245 BTC, valued at nearly $16 million.
Investors closely monitor whale activity to gauge market health and identify potential long-term opportunities. At the time of writing, Bitcoin is valued at $64,921.01, showing a 1.57% increase over the past day and an 11.17% increase over the past week.
While the distribution of Bitcoin to Mt. Gox creditors introduces potential market pressure, large holders continue to see value in accumulating more Bitcoin. In other news, the German government has sold off all of its BTC holdings.
With a deep understanding of the FinTech industry and a passion for blockchain education, Aaron, the writer of this news story, provides valuable insights into the world of digital currencies. Stay tuned for more updates on the evolving crypto landscape.
