U.Today – Infamous cryptocurrency exchange Mt. Gox transferred another 2,237 BTC, equivalent to about $147 million, to Bitstamp just hours ago. The move is part of an ongoing process to repay creditors, following a series of mind-boggling transfers over the past few weeks.
Since the beginning of July, Mt. Gox has transferred a total of 54,662 BTC, which is approximately $3.44 billion. These transfers included significant amounts sent to various platforms, including Bitbank and Bitstamp, as well as a significant deposit to a wallet likely linked to Kraken.
Initially, the market reacted with fear that the release of these long-held Bitcoins could trigger a sell-off, as Mt. Gox creditors had been waiting more than a decade to receive their assets.
However, recent analysis from CryptoQuant suggests a more positive outlook. Data reveals a noticeable augment in Kraken Bitcoin withdrawals following distribution to Mt. Gox users. This trend indicates that rather than selling, many recipients are moving their Bitcoins to frigid storage, potentially signaling a long-term holding strategy.
Despite the large-scale transfers, the augment in Kraken payouts indicates a potential reduction in direct selling pressure.
There are currently 90,344 BTC in the exchange’s wallets, worth around $6 billion. The ongoing question is whether this behavior will facilitate stabilize or even augment the price of Bitcoin, countering the initial concerns and uncertainties surrounding Mt. Gox repayments.
