Mt. Gox has been delayed again, even though today (10/31) was the original repayment deadline. According to BlockchainQNT, the bankruptcy trustee pushed the repayment deadline back to October 31, 2027, on 10/16. This is the sixth postponement since January 2023.
• Arkham estimates that about 34,400 $BTC remain in the estate’s wallets, worth around $2.8 billion at recent prices
• The holdings disclosed in 2018 totaled 141,686 coins, meaning roughly three-quarters have already been transferred out
• Reason for the delay: Many creditors haven’t completed the required procedures, and some have run into problems during the repayment process
For the market, a large release of these coins all at once could create potential selling pressure. The delay means that short-term supply pressure has been pushed back again. With $BTC around $77,000 and the Binance incident not yet fully digested, this “overhang” of coins is certainly something to keep in mind.
#MtGox #Bitcoin
For reference only; this is not investment advice.
• Arkham estimates that about 34,400 $BTC remain in the estate’s wallets, worth around $2.8 billion at recent prices
• The holdings disclosed in 2018 totaled 141,686 coins, meaning roughly three-quarters have already been transferred out
• Reason for the delay: Many creditors haven’t completed the required procedures, and some have run into problems during the repayment process
For the market, a large release of these coins all at once could create potential selling pressure. The delay means that short-term supply pressure has been pushed back again. With $BTC around $77,000 and the Binance incident not yet fully digested, this “overhang” of coins is certainly something to keep in mind.
#MtGox #Bitcoin
For reference only; this is not investment advice.