As they begin to be reimbursed for their losses, 10 years after Mt. Gox went bankrupt, the creditors of the former Bitcoin exchange are not spending much. Indeed, a large majority of them have decided to keep their reimbursement in the form of BTC that they would not be selling anytime soon.
Creditors, finally repaid, play the patience card with their bitcoins
In November 2023, 10 years after the fall of Mt. Gox, Nobuaki Kobayashi, the trustee of the funds of the former cryptocurrency exchange platform, announced that his creditors would soon be repaid. Since then, several refunds have been initiated by Kraken and Bitstampamong others, but the process is long and tedious.
As of July 30, 2024, 41.5% of the 141,686 BTC owed have been returned to their ownersor 59,000 BTC corresponding to 4 billion dollars at the current Bitcoin price. Creditors had the opportunity to recover what was owed them. in the form of fiat currency, or through cryptocurrencies, including BTCThe second option was widely supported.
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Moreover, lenders appear set to hold on to their bitcoins. Looking at the cumulative spot volume delta (CVD), a metric measuring the net difference between the volume of spot buy and sell transactions, It is noted that the CVD has not experienced a significant increasewhether on Kraken or Bitstamp.
Bitcoin Spot Cumulative Volume Delta on Kraken and Bitstamp
Admittedly, there was a slight increase in selling pressure following the distribution of BTC to Mt. Gox creditors. However, as the chart indicates, This selling pressure did not exceed the usual limits of daily variations.
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The platform's creditors, still BTC hodlers
The lack of real selling pressure might seem quite surprising, given that the price of Bitcoin has increased by more than 8,500% since February 2014which could have prompted creditors to sell their cryptocurrencies. It was during this period that Mt. Gox suffered a computer attack, during which cyber attackers managed to divert 744,408 BTC from the platform, causing its bankruptcy.
This could be explained by the strategy adopted by a large majority of the repaid creditors: that of the holding company.It consists of keeping your cryptocurrencies in the hope of making a nice capital gain in the long term, instead of reselling them immediately. Followers of this investment strategy are called hodlers..
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If the Bitcoin price were to rise, it would attract pressure from sellers. Indeed, higher prices most of the time encourage BTC holders advocating the holding strategy to resell part of their cryptocurrencies. Thus, they make bigger profits than if they had sold their BTC earlier, while keeping part of their portfolio.
Moreover, this strategy is not only adopted by Mt. Gox creditors. More than 65% of the BTC supply has been inactive for over a year, while more than 54% have been there for more than 2 years.
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Source : Glassnode
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