The bankrupt crypto exchange Mt Gox has been spotted moving billions of dollars worth of Bitcoin following the successful distribution of BTC<\/a> to its creditors.<\/p>\n On Tuesday, Dave Ripley, CEO of Kraken, which was selected to facilitate the transfer of coins back to creditors, announced<\/a> that a successful distribution of BTC and Bitcoin Cash (BCH<\/a>) had been completed.<\/p>\n Shortly after, blockchain \u201cde-anonymizing\u201d platform Arkham spotted<\/a> the movement of at least $2.47 billion worth of coins, much of which ended up in addresses linked to crypto exchange Bitstamp. Mt Gox still holds over $5.32 billion worth of BTC, according to Arkham.<\/p>\n \u201cMT GOX UPDATE: $2.47B BTC MOVED<\/em><\/p>\n Mt. Gox moved a total of $2.47B BTC to new wallets this morning in order to distribute 5106 BTC ($335.8M) BTC to 4 separate Bitstamp addresses.<\/em><\/p>\n Mt. Gox still holds 80,128 BTC ($5.32B).<\/em><\/p>\n Bitstamp is one of the 5 exchanges that the Mt. Gox Trustee is working with to return funds to Mt. Gox creditors. So far, Mt. Gox has sent 10,216 BTC ($675.9M) to Bitstamp.\u201d<\/em><\/p>\n At time of writing, Bitcoin is trading at $66,442, seemingly unphased by the latest Mt Gox movements.<\/p>\n Earlier this month, economist Alex Kr\u00fcger predicted<\/a> that the market would absorb Mt Gox coins with relatively minimal effect on the price of BTC.<\/p>\n \u201cLet\u2019s run some numbers. Gox has a total of 141,000 to be distributed, with 95,000 to be distributed within 90 days (going to those who elected to receive an early distribution in exchange for a 10% haircut).<\/em><\/p>\n Of those 95,000:<\/em><\/p>\n \u2013 20,000 going to credit funds<\/em> Let\u2019s make some assumptions:<\/em><\/p>\n \u2013 assume 30% of 85,000 gets sold (=25,500 BTC)<\/em> Then we would have: (23.7+25.5) \/ 16 * 0.035 = 10.5%. That would trigger a 10.5% insta-dump. The market can absorb that.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The bankrupt crypto exchange Mt Gox has been spotted moving billions of dollars worth of Bitcoin following the successful distribution of BTC to its creditors. On Tuesday, Dave Ripley, CEO of Kraken, which was selected to facilitate the transfer of coins back to creditors, announced that a successful distribution of BTC and Bitcoin Cash (BCH) […]<\/p>\n","protected":false},"author":2,"featured_media":88552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-351618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/351618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=351618"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/351618\/revisions"}],"predecessor-version":[{"id":351621,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/351618\/revisions\/351621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/88552"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=351618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=351618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=351618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\u2013 10,000 going to a New Zealand exchange (entangled in its own bankruptcy process) => won\u2019t hit the market<\/em>
\u2013 65,000 going to individual creditors<\/em><\/p>\n
\u2013 assume Gox creditors sell that 30% in one scoop, rather than spread through time<\/em>
\u2013 assume the quantity\/price relationship is linear (even though it is not)<\/em>
\u2013 assume Germany sells its entire remaining stack in one scoop<\/em><\/p>\n
\n
\nCheck Price Action<\/a><\/span><\/em>
\n
\nFollow us on X<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
\nSurf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n
\n![](\"https:\/\/dailyhodl.com\/wp-content\/uploads\/2018\/06\/Get-Alerts-728x90.png\")
<\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n