Over one-third of the Bitcoin owed to creditors of the defunct Mt. Gox exchange has been distributed, while large Bitcoin holders, known as whales, continue their buying spree undeterred.
According to a July 17 post by CryptoQuant on X (formerly Twitter), 36% of the Bitcoin has been moved to former users. The trustee still holds 141,686 BTC, which will be distributed over time.
The total amount owed to approximately 127,000 Mt. Gox creditors exceeds $9.4 billion. These creditors have been waiting for over 10 years to recover their funds.
Concerns have arisen among crypto investors about the potential sell pressure that could be introduced by these repayments, potentially exerting downward pressure on Bitcoin prices.
Whale Activity Amid Distribution
Despite the potential sell pressure from Mt. Gox repayments, Bitcoin whales continue to accumulate the cryptocurrency. On July 17, a savvy whale purchased 245 BTC worth nearly $16 million. This address has only traded Bitcoin twice in the past year, generating over $30 million in profit from these trades.
According to Lookonchain, the whale’s trading history includes buying 718 BTC at $29,385 and selling at $41,953 between August 9 and December 18, 2023, resulting in a $9 million profit. Additionally, from February 7 to June 20, 2024, the whale bought 1,181 BTC at $48,822 and sold at $66,792, making $21.2 million.
Investors often monitor whale buying patterns to gauge market health and identify potential long-term investment opportunities. The continued accumulation by whales suggests confidence in the market despite the looming sell pressure from Mt. Gox repayments.
