Mt. Gox Reimbursed BTC: Only 1,545 Deposited on Exchanges, No Sell Pressure Yet

IconCryptoNewsTerminal Staff12 Jul, 2024

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Mt. Gox Reimbursed BTC: Only 1,545 Deposited on Exchanges, No Sell Pressure Yet

Mt. Gox Reimbursed BTC: Only 1,545 Deposited on Exchanges, No Sell Pressure Yet According to a recent analysis by CipherTrace, only 1,545 BTC out of the total reimbursed BTC from Mt. Gox has been deposited on exchanges so far. The remaining BTC still sits in Mt. Gox accounts, indicating that there is no significant sell pressure yet. This is in contrast to previous concerns that the sudden influx of reimbursed BTC could lead to a sell-off and drive down the price of BTC. However, CipherTrace's analysis suggests that this is not the case, at least for now. One reason for this is that the demand for BTC from current spot ETFs alone may not be sufficient to absorb the supply if all the reimbursed Mt. Gox BTC were to be sold within a month. This could lead to further price declines for BTC. However, it is important to note that the situation could change if more Mt. Gox creditors decide to sell their BTC. If this happens, it could put downward pressure on the price of BTC.

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