Bitcoin Whales Accumulate Despite Mt. Gox Distribution
- Over 36% of Mt. Gox Bitcoin has been distributed to creditors.
- Large Bitcoin holders, or whales, continue accumulating BTC despite potential sell pressure.
- Approximately $9.4 billion worth of Bitcoin is owed to 127,000 Mt. Gox creditors.
Bitcoin Whales Unfazed by Mt. Gox Distribution
Over 36% of the Bitcoin owed to Mt. Gox creditors have been distributed, but Bitcoin whales continue to accumulate despite potential sell pressure. The data was given by CryptoQuant on their X post. In the post, they highlight that Mt.Gox trustee currently holds 141,686 BTC, which will be distributed in the future and 36% of BTC is already distributed to the former holders.
Crypto investors are concerned about the impact of the Mt. Gox repayments on Bitcoin prices, with over $9.4 billion owed to approximately 127,000 creditors.
Despite this selling pressure, large Bitcoin holders remain unfazed. According to the Lookonchain data one whale recently purchased 245 BTC worth nearly $16 Million. This whale has made significant profits from previous trades also, highlighting the importance of whale buying patterns in assessing market health and investment opportunities.
In the post Lookonchain wrote, that between August 9 to December 18, 2023, the trader purchased 718 BTC at the price of $29,385 and then sold it for $41,953, making $9 Million.
Between Feb 7 to June 20, 2024, the trader purchased 1,181 $BTC at $48,822 and sold at $66,792, making $21.2 Million.
Bitcoin On The Technical Chart
On the daily technical chart, Bitcoin price is trading in the bullish region above the key exponential moving averages showcasing bullishness.
At the time of writing Bitcoin was trading at $64,838 with a market cap of 1.28 Trillion and the past 24 hours trading volume was 38.03 Billion.
The RSI curve is also trading near the overbought zone at 60.80 above the 14 SMA line suggesting bullish moves in upcoming sessions.
Moreover, the MACD indicator was also turned positive. The MACD line and the signal line formed a bullish cross and headed in the upward direction with green histograms.
If the price breaks the 74,000 level in upcoming sessions then it could start a new bullish rally.
Furthermore, as per Tradingview's technical summary data out of 26 indicators, 3 are on the sell side, 7 are on the neutral side and 16 are on the Buy side indicating buying momentum in Bitcoin price.
Conclusion
Despite the potential sell pressure from the distribution of Mt. Gox Bitcoin, large Bitcoin holders, or whales, continue to accumulate. Over 36% of the Bitcoin owed to Mt. Gox creditors has already been distributed, with the trustee holding 141,686 BTC for future distribution. Crypto investors remain concerned about the impact on Bitcoin prices, with over $9.4 billion owed to approximately 127,000 creditors. However, whales remain unfazed, with significant purchases and profits highlighting the importance of their buying patterns in assessing market health. Technically, Bitcoin is trading in a bullish region, with indicators suggesting potential upward momentum if key levels are broken.
