🔵Crypto traders believe that the impact of the Mt. Gox payouts on Bitcoin’s price may be exaggerated. According to senior analyst at Swan Bitcoin, Sam Callahan, creditors have had more than 10 years to sell their Bitcoin. Furthermore, most of them are likely to hold onto the cryptocurrency, as its underlying value is under $700 per Bitcoin.
🔵Galaxy Research reported that of the total 141,000 BTC set to be distributed, 65,000 will go to individual creditors, and another 30,000 will go to claims settlement funds and separate bankruptcy proceedings.
🔵It is expected that most of the received Bitcoin will be distributed to LPs in kind, rather than sold. In May, the exchange consolidated 140,000 Bitcoin, worth about $9 billion, from several cold wallets into one address. The expectation of selling pressure led to a drop in Bitcoin’s price by over 4%.