Mt. Gox is preparing to repay creditors through Bitstamp, conducting test transactions as part of the process. This article explores the implications of these repayments for the Bitcoin market.
Points
- Repayment Preparations: Mt. Gox prepares to repay creditors through Bitstamp.
- Test Transactions: Initial test transactions executed to Bitstamp cold wallets.
- Bitcoin Sell Pressure: Potential sell pressure from creditors receiving BTC.
- Creditor Sentiment: Mixed opinions on whether creditors will sell or hold their Bitcoin.
- Market Impact: Possible implications for Bitcoin’s price and market dynamics.
Another wave of Bitcoin could be flooding the market as Mt. Gox prepares to continue creditor repayments on Bitstamp. According to the latest onchain fund movements, the address associated with Mt. Gox has executed the first test transactions to the Bitstamp cold wallets.
Repayment Preparations
The address associated with Mt. Gox has deposited $1 to four separate Bitstamp deposit addresses. Bitstamp is one of five exchanges working with the Mt. Gox Trustee to facilitate creditor repayments.
“Mt. Gox addresses deposited $1 to 4 separate Bitstamp deposit addresses. Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayments… These transfers are likely to represent test transactions.”
https://twitter.com/ArkhamIntel/status/1815329609644159136
Could 99% Of Mt. Gox Creditors Sell The Funds?
Most of Mt. Gox’s creditors could be looking to sell their Bitcoin, which has increased in value by over 8,500% in the 10 years since the exchange’s collapse. Up to 99% of the creditors could be looking to sell their BTC from the defunct exchange, according to finance analyst Jacob King.
“99% of those on Mt. Gox are going to sell their coins the moment they get it. Imagine billions worth of Bitcoin all being dumped gradually over the next several weeks. There is no way to spin this to be bullish, or news that could offset this.”
https://twitter.com/JacobKingFinance/status/1815481264836255744
Mt. Gox Bitcoin Distribution: 36% Complete, But $6 Billion Left To Go
As of July 17, over 36% of the Bitcoin owed to Mt. Gox creditors had already been distributed, but large Bitcoin holders — called whales — continued their buying spree unfazed.
“A smart money bought 245 $BTC($15.98M) again 3 hours ago! This smart money is good at buying $BTC at low prices and selling at highs. He traded $BTC 2 times in the past year and made more than $30M!”
https://twitter.com/lookonchain/status/1813415133802295555
解説
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Repayment Process: Mt. Gox is nearing the final stages of preparing to repay creditors, with test transactions indicating imminent repayments.
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Bitcoin Sell Pressure: There is significant concern about the potential sell pressure from creditors receiving their Bitcoin, which could impact the market.
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Creditor Sentiment: Mixed opinions among creditors about whether to sell or hold their Bitcoin, creating uncertainty about the market impact.
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Market Dynamics: The repayments could influence Bitcoin’s price and market dynamics, with large holders and new market participants reacting differently.
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**Long
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term Outlook**: The long-term impact of these repayments on Bitcoin’s market will depend on creditor actions and overall market conditions.