Bitcoin crash risks due to Mt Gox repayment have now dropped to almost 75%, on-chain analytics platform Arkham Intelligence stated on Saturday. Institutional and retail investors offloaded Bitcoin holdings on fears of a huge market crash as Mt Gox Trustee started BTC repayment in July this year.
Mt Gox Wallet Down To 25% Bitcoin Holdings
Arkham Intelligence confirmed on August 24 that beleaguered crypto exchange Mt Gox wallets now have less than 25% BTC. This means the risks of any more Bitcoin liquidation or crash due to the repayment have dropped significantly, contributing extremely toward bullish sentiment.
Mt Gox wallets have held 141.69K BTC since 21, with a peak value of $10.12 billion as of March 2024, as per Arkham data. The wallet now holds 32.9k BTC worth $2.11 billion. Moreover, creditors have so far not sold their BTC holdings and are likely to not sell them due to the ongoing bull run.
With Bitcoin selloff by the US government the only remaining major crash risk, experts
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