Mt. Gox Recipients Hold On to Their Bitcoin
It seems like Mt. Gox recipients are holding onto their newly received Bitcoin. A recent poll conducted on Reddit revealed that a majority of those who received compensation from the exchange are choosing not to sell their BTC.
According to Colin Wu, a cryptocurrency journalist and blogger, 55% of the 467 Redditors who participated in the poll selected “zero” when asked what percentage of their Bitcoins they would sell immediately after receiving them. This suggests that a significant portion of Mt. Gox recipients are planning to hold onto their BTC.
This sentiment is echoed by Samson Mow, CEO of Jan3, who believes that only about 20% of the Bitcoin distributed to Mt. Gox creditors will eventually hit the market. The rest, he believes, will be held in cold storage.
Whale Activity Continues to Drive Bitcoin Demand
Meanwhile, data from CryptoQuant reveals that whales are scooping up Bitcoin at an impressive pace. In 2023 alone, whales, which are defined as wallets holding more than 1,000 BTC, have purchased a total of 1.8 million BTC. This translates to an average weekly purchase of 100,000 BTC.
The sustained demand from whales, coupled with the potential for Mt. Gox recipients to hold onto their Bitcoin, could further drive the price of Bitcoin higher.
