After more than a decade of uncertainty, creditors of shuttered Bitcoin (BTC) exchange Mt. Gox have finally started receiving long-awaited payouts this month. Data from research firm Glassnode shows that as of Tuesday, 59,000 of Mt. Gox’s 142,000 BTC had already been distributed to creditors via exchanges Kraken and Bitstamp, with another 79,600 BTC set to be distributed soon.

Can we expect subdued selling pressure?

According to a recent report According to Glassnode estimates, the total amount of coins recovered was over 141,686 BTC, with around 59,000 BTC already going to creditors and the rest awaiting distribution.

Kraken and Bitstamp were entrusted as one of five designated exchanges responsible for managing and disbursing these funds. Kraken received 49,000 BTC, while Bitstamp received an initial tranche of 10,000 BTC.

Remarkably, the firm noted that the size of these distributions already dwarfs recent notable transactions in the cryptocurrency sector, including inflows to crypto ETFs, issuances to miners, and huge sales pressure which the German government experienced at the turn of June and July.

However, the creditors opted to receive BTC instead of fiat currency, a up-to-date option under Japanese bankruptcy law, suggesting that many creditors are still actively involved in the Bitcoin space despite the extensive legal process.

According to Glassnode analysis, this vigorous participation may indicate that only a portion of the distributed coins will reach the market for sale, which may indicate long-term maintenance strategy among creditors. This ultimately supports the price of BTC, and has no impact that could result in further declines in the price of the largest cryptocurrency on the market.

Additionally, analysis of the Cumulative Spot Volume Delta (CVD) indicator on Kraken and Bitstamp exchanges shows only a marginal boost in sell-side pressure, suggesting that creditors may be more inclined to hold their BTC in the long term.

Long-term Bitcoin holders are flocking

Bitcoin has surged nearly 25% over the past month after hitting a 6-month low of $53,500 on July 5. Long-term holders of the market’s largest cryptocurrency have turned to buying, According to market expert Ali Martinez, who recently revealed that these investors added over 110,000 BTC to their portfolios.

Likewise, the Bitcoin ETF market has also played a part in the recent recovery in BTC prices over the past month, with the latest data pointing to continued inflows into the regulated market in the US.

According to SoSo values dataBitcoin ETFs in the U.S. saw a total of $124 million in up-to-date inflows on Monday, although Grayscale’s GBTC ETF saw outflows of around $54 million. BlackRock’s IBIT ETF saw the most inflows on the day at $206 million.

All this contributed to the creation of BTC price consolidation It has been trading between $65,000 and $68,000 over the past few days, with an eye on a potential retest of the record high of $73,500 reached in March of this year.

The largest cryptocurrency on the market is currently trading at $66,000, down 2.5% in the last 24 hours and 1.5% in the last week.

Featured image from DALL-E, chart from TradingView.com