Mt. Gox Creditors Opt To HODL Bitcoin Rather Than Sell, CryptoQuant Data Shows
Summary
Bitcoin recently recovered from a 25% price drop to trade at $66,000-$68,000 despite Mt. Gox creditor repayments. HODLers are holding onto their assets, with $2.47 billion worth of BTC moved to new wallets. Creditors are receiving Bitcoin and Bitcoin Cash through Kraken. Data shows a positive shift, with increased BTC withdrawals from exchanges and over 5,000 BTC worth $329 million withdrawn in the past 24 hours. Mt. Gox has transferred over 50,000 BTC to repay creditors and retains 90,344 BTC. Creditors prefer holding Bitcoin over selling for USD due to capital gains implications. Bitcoin is trading at $66,400 and may find support at $65,000 and $63,500. The impact of future repayments on the price remains uncertain.
