Mt.Gox moves 31,700 Bitcoin - price remains unimpressed

As this is probably in the context of repayments to the injured parties, these coins could potentially be sold by them in the near future.

However, the Bitcoin price remains unimpressed and is trading above the long-awaited USD 100,000 per BTC mark for the first time today.

At the end of June, the rehabilitation trustee of Mt.Gox announced that the bruised customers of the exchange would be compensated with the recovered Bitcoin - Blocktrainer.de reported. This initially caused a price slide, which intensified when the payouts of the more than 140,000 coins actually began.

However, as it turned out, the early Bitcoin investors who were forced to hold for the long term did not seem to want to sell on a large scale - Blocktrainer.de reported.

The redemption of Mt.Gox coins has not yet been completed, although the deadline was originally October 31 of this year. On October 10, it was announced that the new deadline is October 31, 2025. “Many rehabilitation creditors still have not received their Repayments because they have not completed the necessary procedures”, the statement said.

Following the latest transaction, the wallet still holds almost 40,000 BTC with an equivalent value of 4 billion US dollars. However, given the current environment, it is unlikely that these coins will lead to any major selling pressure.

On the one hand, because the process will take some time and therefore the billions of Bitcoin will not all end up on the market in a short space of time - unlike was the case with the federal state of Saxony.

On the other hand, the company MicroStrategy has been continuously buying billions of Bitcoin for four weeks, and with MARA Holdings and Rumble, other public limited companies are following suit. Added to this are the Bitcoin spot ETFs, which have soaked up more than USD 1.5 billion in capital in the first three trading days of the week alone.

Even if the former Mt.Gox customers were to sell all of their Bitcoin, demand for the asset is currently high enough to easily absorb the potential selling pressure. This is also reflected in the current sharp rise in the price of Bitcoin.