Mt. Gox Moves $2.5B More in Bitcoin: Arkham Intelligence Reports

 **Mt. Gox Moves $2.5B More in Bitcoin: Arkham Intelligence Reports**

*Tanzeel Akhtar*  

*Last updated: July 31, 2024 at 00:58 EDT | 1 min read*

Mt. Gox, the Japanese cryptocurrency exchange that collapsed in 2014, has transferred an additional $2.5 billion worth of Bitcoin, according to data from Arkham Intelligence.

Of the 142,000 Bitcoins recovered, approximately 59,000 have been distributed to creditors through the Kraken and Bitstamp exchanges, as tracked by blockchain analytics firm Glassnode.

**Distribution Size Surpasses ETF Inflows**

Glassnode notes that the scale of Mt. Gox’s recent distributions is now greater than ETF inflows, issuance to miners, and even the sell-off by the German government. The recent transfer led to a slight dip in Bitcoin’s price, which fell 1.13% to below $65,656 on Wednesday. Bitcoin has been struggling to break through the $70,000 mark.

**Creditors Opt to Hold**

Despite the large distribution, many creditors are opting to hold onto their Bitcoin rather than selling. Glassnode reports that the creditors appear to be long-term investors, which is likely to lessen the impact of sell-side pressure in the weeks ahead.

The repayment process involves distributing over $9.4 billion in Bitcoin and Bitcoin Cash to approximately 127,000 creditors, with Kraken and Bitstamp handling the redistribution.

**The Long Road Since Mt. Gox's Collapse**

The repayments mark a significant milestone a decade after Mt. Gox's collapse, which set off years of legal battles and efforts to recover the lost assets. In 2018, around 200,000 Bitcoins were recovered, leading to a prolonged rehabilitation process overseen by a court-appointed trustee. Creditors have faced multiple delays in receiving compensation, heightening the stakes for the crypto community.

According to Glassnode, this final distribution represents the concluding chapter of a major market overhang that has loomed over the industry since 2013.

### Bitcoin Market and Accumulation

- Bitcoin whales

- Bitcoin accumulation

- BTC

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- Bitcoin holders

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### Financial Instruments and Entities

- US Federal Reserve

- Interest rate cut

- CME FedWatch tool

- Stablecoins

- Digital assets

- Market capitalization

- ETF inflows

- Kraken

- Bitstamp

- Bitcoin Cash

### Historical and Market Events

- Mt. Gox

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- German Government Bitcoin sell-off

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### Analytics and Data

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- Bullish sentiment

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- Creditors

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### General Terms

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