Mt.Gox's Large-Scale Bitcoin Transfers Stir Market Concerns

According to PANews, the dormant Mt.Gox addresses have started to transfer large amounts of Bitcoin, ranging from a few thousand to tens of thousands. Currently, Mt.Gox's Bitcoin inventory stands at 1.4168 million, worth nearly $10 billion. This has led to market concerns about potential selling pressure, causing Bitcoin to drop from 69400 USDT to 67500 USDT. Documents released by Mt.Gox indicate that these transfers are in preparation for the creditor repayment deadline on October 31. According to the documents, the Rehabilitation Trustee is preparing to repay the claim portion of the cryptocurrency distribution. There are two plans for the claim: Plan one is to repay BTC and BCH to creditors at a designated exchange, and plan two is to sell the tokens and then repay. However, as of now, the Rehabilitation Trustee has not specified which plan will be used for compensation. Earlier on April 21, a Reddit user reported that the Mt.Gox claimant found that the claim form had been updated, adding fields such as the estimated number of tokens to be retrieved, and displaying BCH and BTC codes. This indicates that Mt.Gox is moving towards paying in BTC in some way, not just committed to fiat currency payments. However, most users believe there is no connection between updating the form and paying compensation. The total amount of BTC transferred by Mt.Gox this time is 1.4168 million, transferred to multiple addresses. Alex Thorn, Director of Research at Galaxy Digital, stated, 'I personally expect most of the Bitcoin will be held, but I can't say the same for BCH. Not all tokens will be sold.' Regarding the selling time, Mark Karpelès, former CEO of Mt.Gox, stated on platform X, 'As far as I know, everything is normal at Mt.Gox. The trustee is transferring tokens to another wallet in preparation for possible distribution this year. Bitcoin will not be sold immediately.' The official final repayment deadline is October 31, 2024, which is still a long time away. In conclusion, Mt.Gox's token transfer action represents a potential for token selling pressure to some extent. However, even if the selling plan is chosen, it will be digested over a long period of time, making it difficult to cause a market crash directly.