U.Today – Infamous cryptocurrency exchange Mt. Gox has transferred another 2,237 BTC, equivalent to around $147 million, to Bitstamp just a few hours ago. This move is part of the ongoing process to pay off creditors, following a series of astonishing transfers in recent weeks.
Since the beginning of July, Mt. Gox has transferred a total of 54,662 BTC, valued at approximately $3.44 billion. These transfers have included substantial amounts sent to various exchanges, including Bitbank and Bitstamp, and a significant deposit to a wallet likely associated with Kraken.
Initially, the market reacted with concern, fearing that the release of these long-held Bitcoins could trigger a sell-off, as Mt. Gox creditors have been waiting for more than a decade to receive their assets.
However, a recent analysis by CryptoQuant suggests a more positive outlook. The data reveals a noticeable increase in Bitcoin withdrawals from Kraken following the distribution to Mt. Gox users. This trend indicates that rather than selling, many recipients are moving their Bitcoin to cold storage, which could indicate a long-term holding strategy.
Despite large-scale transfers, the increase in Kraken withdrawals points to a possible reduction in immediate selling pressure.
Currently, 90,344 BTC, worth around $6 billion, remain in the exchange’s wallets. The question that remains is whether this holding behavior will help stabilize or even boost the price of Bitcoin, countering the initial fears and uncertainties surrounding the Mt. Gox refunds.
This article was originally published on U.Today
