The Mt. Gox Rehabilitation Trustee has moved nearly $9.63 billion in Bitcoin and Bitcoin Cash to new wallets, sparking concerns about market impacts. Despite this, experts believe the BTC price won’t see a major hit.
Historically, Mt. Gox’s collapse over ten years ago led to the loss of thousands of Bitcoins. Now, the trustee plans to distribute almost 95,000 Bitcoin and a similar amount of Bitcoin Cash to creditors this year.
This event is unique because many creditors plan to hold or gradually sell their Bitcoin, rather than flood the market. They are optimistic about future BTC price increases, especially with potential spot Bitcoin ETFs on the horizon.
Bitcoin has already seen a 12% price increase this month and a 52% rally year-to-date. Predictions suggest that Bitcoin might hit $100K this cycle, which further encourages creditors to retain their holdings.
In the long term, this distribution could highlight Bitcoin’s resilience and the growing trust in its value as a long-term investment.
