Despite the ongoing distribution of Bitcoin (BTC) to creditors of the collapsed Mt. Gox crypto exchange, large Bitcoin holders, known as whales, continue to accumulate the cryptocurrency.
On-chain analytics provider CryptoQuant reported on July 17 that the trustee for Mt. Gox holds 141,686 BTC, with 36% already distributed to former users. Approximately 127,000 creditors await the return of over $9.4 billion in Bitcoin.
Crypto investors are concerned that these repayments could lead to selling pressure, potentially impacting Bitcoin’s price negatively. Financial analyst Jacob King suggested that most creditors might be inclined to sell their Bitcoin, given that Bitcoin’s value has increased by over 8,500% since Mt. Gox’s collapse.
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However, crypto trader RunnerXBT believes that only the least committed Bitcoin holders will sell, resulting in only short-term selling pressure.
Despite these concerns, BTC whales continue their buying spree. On July 17, one investor purchased 245 BTC, valued at nearly $16 million, according to a July 17 post by Lookonchain. Investors closely watch whale activity to gauge market health and identify potential long-term opportunities.
At the time of writing, Bitcoin is valued at $64,921.01, a 1.57% increase over the past day and an 11.17% increase over the past week.
While the distribution of Bitcoin to Mt. Gox creditors introduces potential market pressure, large holders continue to see value in accumulating more Bitcoin.
In other news, the German government sold off all of its BTC holdings.
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