Recently, Mt. Gox transferred nearly $10 billion in bitcoin, causing panic among crypto enthusiasts. However, experts are tempering: the funds remain in the wallets of the fallen exchange. And if these bitcoins were to be released, the ever-hungry Bitcoin ETFs are ready to absorb them.
Mt. Gox: the dance of billions of bitcoins without free fall
In the crypto universe, where roller coasters are the norm, Mt. Gox recently added a new scare loop. On May 28, the crypto exchange went bankrupt transferred bitcoins worth $9.6 billion from his “cold wallet”, a gesture which briefly shook the markets. But before investors rush to the panic button, CryptoQuant onchain analysts calmed the spirits.
According to these sleuths of blockchain transactions, nothing to panic about. The billions of bitcoins were not dropped on the crypto market but simply transferred between different addresses controlled by the Mt. Gox Rehabilitation Trustee. Clearly, the creditors have not yet seen the color of their repayments.
For those who don't follow, Mt. Gox, once the giant of bitcoin exchanges, had collapsed in 2014, leaving thousands of users in the lurch. Since then, the reimbursement saga has dragged on, with movements of funds scrutinized by the crypto community.
The $9.6 billion in bitcoins were first moved to a new unique address, then split into three separate addresses, each containing 47,300 BTC. But rest assured, these precious bitcoins remain under the control of the “Rehabilitation Trustee” of Mt. Gox.
In a press release published the same day, the administrator confirmed that he had not carried out no refund nor sold no assets. So, despite the initial excitement, no collapse in sight for bitcoin.
Just another eventful day in the tumultuous world of cryptocurrencies.
Optimists bet on market resilience
Despite the fears, some see the future rosy for cryptos. The market, they say, can swallow waves of sales without batting an eyelid. L'enigmatic Killianz88a seasoned crypto trader, trumpets on X:
“ Holders of these bitcoins, purchased for less than $200, will sell at least 75% of their coins. »
However, he quickly tempers this prediction by pointing out that bitcoin ETFs, in search of 4,000 coins every dayare ready to absorb these bitcoins from Mt. Gox as soon as they enter circulation.
Crypto enthusiasts can therefore keep calm, the market is ready to digest these billions without indigestion.
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