Mt. Gox holders transfer BTC to repay creditors, reduce selling pressure, signal long-term strategy.

From Investing.com

July 24, 2024 2:30:22 pm:

Infamous Mt. Gox exchanges 2,237 BTC, worth $147 million, to Bitstamp as part of repayment to creditors. Total of 54,662 BTC, valued at $3.44 billion, transferred since July to various platforms. Concerns arise about potential sell-off but data suggests recipients moving Bitcoin to cold storage, signaling a long-term strategy. Withdrawals from Kraken increase, indicating reduced selling pressure and potential price stabilization. 90,344 BTC, worth $6 billion, still in exchange’s wallets. Long-term holding behavior may boost Bitcoin’s price.

Read more at Investing.com.: Mt. Gox Bitcoin Holders Unexpectedly Refuse to Sell By U.Today