Survey Reveals Mt. Gox Bitcoin Recipients Unlikely to Sell Immediately

hassan July 18, 2024

0 3 1 minute read

Cryptocurrency journalist and blogger Colin Wu recently reported on a Reddit survey targeting Bitcoin recipients from Mt. Gox. The survey revealed that most users do not intend to sell their newly acquired Bitcoin.

Mt. Gox Bitcoin Survey on Reddit

According to Wu’s tweet, 467 users participated in the poll titled, “What percentage of your Bitcoin will you sell immediately upon receiving it?

A vote on the Reddit MtGox forum showed that among the 467 members who participated in the vote, 260 people chose not to sell the bitcoins after receiving the compensation, accounting for the highest proportion of 55%. 88 people chose to sell all, accounting for 18%, ranking… pic.twitter.com/9OaOxOOK2P
— Wu Blockchain (@WuBlockchain) July 18, 2024

55% (260 users) chose the option “zero,” indicating no intention to sell.
18% (88 users) voted to sell all their Bitcoin on existing centralized cryptocurrency exchanges.
68 users planned to sell 1% to 25% of their holdings.
26 users intended to sell 25% to 50%.

Earlier this week, Mt. Gox transferred nearly $6 billion worth of Bitcoin to cryptocurrency exchanges for distribution among its creditors. These individuals suffered significant financial losses due to the 2014 hack, which rendered the exchange inoperative. The U.S.-based exchange Kraken announced receiving a portion of the Bitcoin, with plans to distribute it to Mt. Gox clients within a week or two.

Read more Bitcoin Under Fire: Peter Schiff Labels Cryptocurrency a “Fraud”

Market Impact and Expert Opinions

Survey results align with recent comments from Bitcoin advocate and Jan3 CEO, Samson Mow. Mow tweeted his belief that only about 20% of the released Bitcoin will enter the market, with the rest being stored in cold wallets.

#Bitcoin OTC markets are overwhelming CEX markets.

Whale wallets (>1K BTC), including spot ETFs and custodial wallets, added 1.45M BTC this year, totaling 1.8M BTC.

In 2021, about 70K BTC flowed in over the year; now, it's 100K BTC "weekly." I repeat. 100K BTC weekly. pic.twitter.com/YJPJpMtMPL
— Ki Young Ju (@ki_young_ju) July 17, 2024

Analysts note that Bitcoin “whales” are aggressively accumulating the cryptocurrency. Ki Young Ju, CEO of CryptoQuant, shared data showing whales have purchased 1.8 million Bitcoin this year. These purchases include wallets holding over 1,000 Bitcoin, custodial wallets, and Bitcoin ETFs, averaging 100,000 Bitcoin per week. In 2021, total Bitcoin inflows to these wallets were 70,000 Bitcoin.

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