Mt. Gox Creditors HODL 41.5% of Redistributed Bitcoin 💹
41.5% of Mt. Gox Bitcoin Distributed, Creditors Continue to HODL 🪙
In a significant development, over 41.5% (or 59,000 Bitcoin) of the total 141,686 Bitcoin owed to Mt. Gox creditors has been redistributed. Despite receiving nearly $4 billion worth of Bitcoin, creditors are choosing to HODL their assets rather than sell. This trend is highlighted in a July 29 report by Glassnode, which notes that creditors opted for BTC over fiat, indicating that only a small fraction of these coins may hit the market. 📈
Mt. Gox: A Glimpse into Crypto History 🕰️
Mt. Gox, once a leading Bitcoin exchange, experienced a catastrophic collapse in 2014 due to a hack that resulted in the loss of 850,000 BTC, affecting approximately 127,000 creditors. At its peak, Mt. Gox handled over 70% of all Bitcoin transactions. Creditors have waited over a decade for reimbursement, and the recent distribution marks a significant milestone in this long-standing saga. 🏛️
HODLing Strong: Minimal Sell Pressure 💪
The Glassnode report points to minimal sell-side pressure following the recent Bitcoin distribution, suggesting a renewed commitment to HODLing (holding on for dear life). Over 65.8% of Bitcoin’s supply has remained inactive for over a year, and 54% for over two years, reinforcing the community’s long-term confidence in the crypto asset. 🛡️
What This Means for the Crypto Market 🌐
This trend of HODLing among Mt. Gox creditors could have substantial implications for the broader crypto market. By holding onto their Bitcoin, creditors are signaling their belief in Bitcoin’s future potential and value. This behavior supports Bitcoin’s price stability and might even contribute to future price appreciation as the supply remains limited. 📊
Stay Updated with the Latest in Crypto! 📢
Stay tuned for more updates on this evolving story and other significant developments in the crypto world. Whether you’re a seasoned investor or new to the crypto space, understanding these trends can help you make informed decisions. 🌟
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