Bitcoin traders appeared unfazed by the recent $3 billion transfer from a Mt. Gox-affiliated wallet, as the market barely reacted to the movement. On July 30, Mt. Gox moved around 47,229 Bitcoin to three “unknown wallets” over a three-hour period. Despite this significant transfer, Bitcoin prices remained relatively stable, briefly dipping into the $65,000 range but staying above $66,000. At the time of publication, Bitcoin is trading at $66,105, according to CoinMarketCap data.
Hodling Sentiment Among Mt. Gox Creditors
Crypto analysts suggest that the lack of market reaction indicates that Mt. Gox creditors are committed to holding their Bitcoin. Ben Simpson, founder of Collective Shift, said, “If you think about the users that were owed Bitcoin from Mt. Gox, these were OG Bitcoiners who believed in the industry and the asset five to ten years ago. The Mt. Gox holders are here to HODL.” This sentiment is echoed by other market participants, with pseudonymous crypto trader “exit pump” noting that these movements have become so routine that the market “doesn’t give a flying fuck.”
 Bitcoin worth $3.13 billion was distributed over a period of three hours. Source: Lookonchain/Arkham Intelligence
Market Stability and Future Outlook
Swyftx lead market analyst Pav Hundal remarked that “the next few weeks will be very interesting to see unfold,” but so far, the market is taking the news in stride. Over 41.5%, or 59,000 Bitcoin, of the total 141,686 BTC has been redistributed to Mt. Gox creditors since July 5. According to crypto analysis firm Glassnode, most creditors opted to receive Bitcoin rather than fiat, suggesting that only a small portion of these distributed coins will be sold on the market. Glassnode stated, “Creditors opted to receive BTC, rather than fiat, which was new in Japanese bankruptcy law. As such, it is relatively likely that only a subset of these distributed coins will be truly sold onto the market.”
Long-Term Implications
Simpson added that the market had already “priced in the fact that these Mt. Gox holders would get their assets back and most likely not sell.” He contrasted this with recent events like the German government selling Bitcoin, which required cash rather than the asset itself. “The Mt. Gox holders are here to HODL,” Simpson concluded, reinforcing the idea that long-term belief in Bitcoin’s value among these early adopters remains strong.
