Mt. Gox Creditors Begin Receiving Coins, Market Impact Less Severe Than Anticipated

The decade-long saga of the bankrupt Mt. Gox exchange is nearing its conclusion, as creditors have started receiving their long-awaited Bitcoin reimbursements. Initial concerns within the community centered on potential selling pressure that could negatively impact the market.

Contrary to these fears, recent data indicates a different trend. Over the past 16 hours, approximately 5,250 BTC (valued at $348 million) have been withdrawn from the Kraken exchange, which is handling the reimbursements. This suggests a strong inclination among creditors to hold their coins rather than sell them immediately.

If this pattern of withdrawals continues, it could signify a much smaller impact on selling pressure than initially expected, fostering a more optimistic outlook for the market.