Majority of Mt. Gox Bitcoin recipients are not selling immediately, impacting market supply

From Investing.com

July 18, 2024 1:00:23 pm:

1. A recent poll on Reddit conducted among Mt. Gox recipients who received Bitcoin as compensation shows that the majority, 55%, do not plan to sell their BTC immediately.

2. Out of 467 participants, 88 Redditors plan to sell all their Bitcoin, while 68 will sell 1-25%, and 26 will sell 25-50% after receiving funds from Mt. Gox.

3. Mt. Gox transferred nearly $6 billion worth of Bitcoin to crypto exchanges to compensate victims of the 2014 hack, with Kraken planning to distribute funds to customers soon.

4. Bitcoin advocate Samson Mow suggests that only about 20% of the Mt. Gox Bitcoin will enter the market, as the majority is expected to be stored in cold storage vaults.

5. Data from CryptoQuant CEO reveals that whales, including wallets with over 1,000 BTC, have bought 1.8 million Bitcoin in 2021, with 100,000 Bitcoins being purchased every week.

6. In 2021, these entities received a total of 70,000 BTC, indicating significant buying activity among whales and custodial wallets in the Bitcoin market.

Read more at Investing.com: Most of Mt. Gox Bitcoin Receivers Choose Not to Sell: Reddit Poll By U.Today