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Mt. Gox, the long-defunct cryptocurrency exchange,&nbsp;<a href="https://x.com/lookonchain/status/1826100559977525604">transferred</a> a whopping&nbsp; $709.44 million worth of Bitcoin to the Bitstamp exchange, according to data provided by cryptocurrency analytics platform Lookonchain.&nbsp;
Last month, Mt. Gox creditors started receiving their much-anticipated funds on BitGo, Bitstamp, Kraken, and some other exchanges.
The notorious cryptocurrency exchange, which famously went bankrupt in 2014 following a major hack, started conducting repayments in Bitcoin and Bitcoin Cash in early July. Bitcoin experienced a substantial sell-off on this news.&nbsp;
However, the bearish impact of Mt. Gox repayments might have been overestimated. According to <a href="https://u.today/most-of-mt-gox-bitcoin-receivers-choose-not-to-sell-reddit-poll">a poll</a> conducted on the r/mtgoxinsolvency subreddit, more than half of creditors do not intend to immediately sell their coins. Only roughly 14% of the poll respondents opted to liquidate their holdings. That said, the results of the poll hardly mean anything. "Someone with 1 bitcoin selling 25-50% is way different to someone with 10,000 bitcoin selling 25%. You cannot take the results of this survey and calculate some % of bitcoin that will be sold and be anywhere near accurate unless you get lucky," one Reddit user pointed out.&nbsp;
There is also more compelling data to support the claim that Mt. Gox creditors are not selling Bitcoin en masse. As noted by CryptoQuant CEO Ki Young Ju, there was&nbsp;<a href="https://x.com/ki_young_ju/status/1815871183549604051">no significant spike</a> in Bitcoin outflows on Kraken following Mt. Gox's transfers to creditors in late July.&nbsp;
At press time, Bitcoin is trading at $59,379 after declining 2.6%, according to CoinGecko data.

Mt. Gox Makes Massive Bitcoin Transfer

U_Today

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