The creditors of Mt. Gox have the recently received BTC?

In early July, defunct crypto exchange Mt. Gox, began refunding creditors affected by the 2014 hack. Although Kraken has completed the distribution of all Bitcoin and Bitcoin Cash owed to creditors of Mt. Gox, the price of the former remained stable.

This could be because Kraken’s creditors have refrained from downloading their tokens.

The Mt Gox refunds had raised significant concerns among crypto investors, who feared that many of the creditors would sell their BTC stash, which could lead to a sharp drop in prices as seen during the sale of state-seized BTC of Saxony in Germany.

CryptoQuant’s latest analysis, however, sheds light on an interesting behavior of Mt.Gox’s creditors when they receive their long-awaited Bitcoin refunds. Contrary to concerns about a possible market dump, the on-chain crypto analytics platform revealed a significant increase in BTC withdrawals from Kraken, suggesting a strong “hodling” sentiment among recipients.

Over the past 24 hours, more than 5,000 BTC worth approximately $329 million have been moved from the crypto exchange to cold wallets. This move indicates that affected users are choosing to store their Bitcoin safely instead of selling immediately.

Despite the relatively modest volume, this trend could be a positive sign for the market, reflecting the confidence and long-term investment strategies among these Bitcoin holders.

Additionally, CryptoQuant CEO Ki Young Ju revealed that Kraken’s trading volume has not seen any noticeable increase, indicating that creditors are not engaged in selling.

“Since then, there has been no significant increase in hourly spot trading volume dominance or BTC outflows on Kraken. We have to wait for the Asian time zone, but so far it’s a positive sign” .

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