Gox creditors have already distributed nearly half of their Bitcoin, but even after ten years of waiting, many creditors still seem to choose to hold onto their Bitcoin rather than sell it.

Analysis of Creditor Behavior of Mt. Gox

Since the collapse of Mt. Gox, a Japanese exchange, due to a hacker attack in 2014, its creditors have been waiting for 10 years to finally recover their funds. The exchange processed over 70% of Bitcoin transactions during its heyday and lost 850000 bitcoins in a hacker attack.

According to the latest data, over 41.5%, or 59000 bitcoins (BTC), have been redistributed to these creditors. However, according to Glassnode's research, despite receiving nearly $4 billion worth of Bitcoin, most creditors did not put it on the market for sale.

After analyzing the cumulative spot trading volume difference (CVD) of Kraken exchange (the main distribution platform), Glassnode found that there was no significant increase after the distribution of Bitcoin on Mt. Gox. The report states that:

We can see a slight increase in seller pressure after distribution. However, this is still within the daily range

This means that although the price of Bitcoin is at Mt In the decade following the collapse of Gox, it rose by over 8500%, but there was no expected large-scale selling pressure in the market.

Bitcoin investors switch to 'holding'

At the same time, Glassnode also analyzed the current Bitcoin allocation situation in the market in the report. The results show that investors have shifted from realizing profits to long-term holding. Glassnode pointed out that the proportion of Bitcoin held by new investors has significantly decreased, similar to the behavior at the top of the macro market.

This describes long-term investors consuming and selling coins to meet new demand before reaching a historical high of $73000. The decline in these curves has recently slowed down, indicating a gradual return to holding based investor behavior

Over 65.8% of Bitcoin supply has not been active in the past year, while over 54% of supply has not been active in the past two years.