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Mt. Gox still has a whopping 90,000 Bitcoin, valued at roughly $6 billion, as investors and speculators weigh the effects the sell-off will have on the Bitcoin market.
Data from Arkham Intelligence indicates the last transaction made from Mt. Gox occurred on July 24, 2024, at 06:50:05 UTC and contained roughly 382 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>), valued at approximately $25 million, sent to Bitstamp.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/36914874-5b1e-4b5c-a0fc-63f68bad1c48.png" alt="Mt. Gox still has 90,000 Bitcoin, valued at roughly $6 billion">
 <figcaption style="text-align: center;">Mt. Gox Bitcoin holdings. Source: <a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank" rel="noopener noreferrer nofollow">Arkham Intelligence</a>.
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<h2 id="mt-gox-sell-off-triggers-fear-uncertainty-and-doubt">Mt. Gox sell-off triggers fear, uncertainty, and doubt&nbsp;</h2>
News of the Mt. Gox sell-off has created fear, uncertainty, and doubt among market participants during the last several weeks, with the $8.2 billion question coming down to whether or not the Mt. Gox creditors, who have been waiting over 10 years for reimbursement, will sell their holdings.
According to a recent Reddit poll conducted in the Mt. Gox insolvency subreddit, 56% of the 467 creditors polled&nbsp;<a href="https://cointelegraph.com/news/mt-gox-creditors-hodl-btc-payouts-reddit" rel="noopener noreferrer nofollow">do not plan on selling</a> their Bitcoin holdings, while 20%, or 88 individuals, plan to sell their holdings. The remaining respondents indicated they plan on selling a portion of their Bitcoin while choosing to hold the remainder.
Related:&nbsp;<a href="https://cointelegraph.com/news/mt-gox-3-2b-bitcoin-outflows-july-23" rel="noopener noreferrer nofollow">Mt. Gox sees $3.2B BTC in outflows in just two hours</a>.
The findings of the Reddit poll were further corroborated by&nbsp;<a href="https://cointelegraph.com/news/kraken-completes-mt-gox-bitcoin-distribution-credits" rel="noopener noreferrer nofollow">data from CryptoQuant</a> founder Ki Young Ju. The quantitative analyst explained that following the distribution of funds to Kraken users on July 23, 2024 "There has been no significant spike in hourly spot trading volume dominance or BTC outflows on Kraken."
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/d2482ef5-37bc-4e8b-9ef4-9e5f2fd79cd5.jpeg" alt="Mt. Gox still has 90,000 Bitcoin, valued at roughly $6 billion">
 <figcaption style="text-align: center;">Bitcoin Exchange Outflow Total for Kraken exchange. Source: <a href="https://x.com/ki_young_ju/status/1815871183549604051" target="_blank" rel="noopener noreferrer nofollow">Ki Young Ju</a>.
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Onchain analyst RunnerXBT echoed a similar sentiment, explaining that only those traders with "paper hands" will sell their Bitcoin reimbursement funds and&nbsp;<a href="https://cointelegraph.com/news/mt-gox-repayments-bitcoin-sell-pressure-paper-hands" rel="noopener noreferrer nofollow">contribute to selling pressure</a>, while those who understand the value of the scarce decentralized asset will continue to hold their funds.
However, financial analyst Jacob King disagrees with this analysis, arguing that&nbsp;<a href="https://cointelegraph.com/news/mt-gox-creditors-sell-8-2b-btc" rel="noopener noreferrer nofollow">up to 99%</a> of the Mt. Gox creditors will sell their Bitcoin, driving Bitcoin's price into bear market territory due to the massive selling pressure and low organic demand.
<h3 id="bitcoin-s-price-action">Bitcoin's price action</h3>
Despite the billions in potential sell pressure coming from the Mt. Gox bankruptcy reimbursements, the price of Bitcoin has been fairly resilient.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/d1991c85-2cc0-4f33-a821-09eb256d4755.png" alt="Mt. Gox still has 90,000 Bitcoin, valued at roughly $6 billion">
 <figcaption style="text-align: center;">Snapshot of Bitcoin's price action Source: TradingView.
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Following a bevy of political developments, Bitcoin hit a recent high of around $68,000 and is currently trading at around $65,000 despite the ongoing Mt. Gox reimbursement.
Magazine:<a href="https://cointelegraph.com/magazine/pudgy-penguins-ceo-praise-actually-pretty-sad-nft-creator/" rel="noopener noreferrer nofollow"> Pudgy Penguins GIFs top 10B views, CEO sets sights on Disney, Hello Kitty: NFT Creator</a>.

Mt. Gox still has 90,000 Bitcoin, valued at roughly $6 billion

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Cointelegraph

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