Bitcoin traders seem to be desensitized to news regarding Mt. Gox, as markets displayed limited reaction to a recent $3 billion transfer from a wallet associated with the exchange.

On July 30, a total of approximately 47,229 Bitcoin (BTC) was transferred to three unidentified wallets within a three-hour timeframe, as reported by Lookonchain. During this period, Bitcoin’s value fluctuated slightly, initially remaining above $66,000, but briefly dipping into the $65,000 range.

Currently, Bitcoin is trading at $66,105 according to data from CoinMarketCap.

Mt. Gox Bitcoin Distribution
Over $3.13 billion was distributed in three hours. Source: Lookonchain/Arkham

Crypto commentators noted the absence of heightened selling pressure, indicating that Mt. Gox creditors are likely holding on to their assets.

According to Collective Shift founder Ben Simpson, the original creditors of Mt. Gox are long-time believers in Bitcoin: “These are the people who purchased Bitcoin 5 to 10 years ago and have faith in the asset.” He further affirmed, “The Mt. Gox holders are here to HODL.”

Pseudonymous crypto trader “exit pump” remarked that the routine nature of these Mt. Gox movements has made them largely inconsequential to the market’s dynamics.

Pav Hundal, lead market analyst at Swyftx, stated that the forthcoming weeks would be crucial in observing market developments, indicating that initial reactions to the news have been positive.

To date, more than 41.5%, or 59,000 Bitcoin, of the total 141,686 BTC owed has already been redistributed to Mt. Gox creditors since the process began on July 5.

According to the analysis firm Glassnode, it appears that only a small fraction of these creditors intend to sell their Bitcoin. The firm noted that “creditors chose to receive Bitcoin rather than fiat as part of the bankruptcy settlement,” suggesting that only a small subset of the redistributed coins is expected to enter the market.

Simpson clarified that the market seems to have anticipated these movements and adjusted expectations accordingly, emphasizing that Mt. Gox creditors are primarily interested in holding their Bitcoin rather than selling. “Unlike other recent events, the Mt. Gox holders are not desperate for cash,” he added.

This content is for informational purposes only and should not be considered as investment advice. All trading and investment activities come with inherent risks; therefore, readers should perform their due diligence before making any financial decisions.