The distribution of cryptocurrencies by the bankrupt platform Mt.Gox continues to be successful. Since the beginning of 2021, 141,690 BTC were at the addresses of the exchange representatives, the value of which, among other things, reached the mark of 10.12 billion dollars in March 2024 at the current record price of Bitcoin.

Current balance of the wallet of the bankrupt exchange Mt.Gox

Today, the platform’s wallet holds 44,899 BTC equivalent to $2.64 billion. And this is less than a third of what was at the address initially.

Accordingly, lenders will soon receive the rest of the coins.

What will happen to the price of Bitcoin?

According to Cointelegraph’s sources, the US government still holds more than 203,000 BTC worth $12.1 billion.

At the same time, trading platform Mt.Gox, which is now implementing a rehabilitation plan, will distribute about 45 thousand more BTC as part of the initiative. We are talking about the largest cryptocurrency exchange, which experienced a hack and closed more than a decade ago. All this time, users of the trading platform have been waiting for reimbursement payments, which started this summer and will last until 31 October 2024.

That is, after this date, investors' fears of a possible market crash on the back of sales of distributed bitcoins, which has been happening over the past few years, will be a thing of the past.

Here is the corresponding chart of possible sources of pressure on Bitcoin. As can be seen, the first three places are occupied by the US, Chinese and UK governments, with the total amount of coins in their possession reaching 454 thousand units.

Potential sales pressure on the market from different sources

The team of Mt.Gox trustee Nobuaki Kobayashi has several billion dollars worth of bitcoins to distribute over the next two months. However, the payouts are unlikely to have a significant impact on the market, according to a report from analysts at Kaiko.

Here’s a rejoinder on the matter.

Kraken handled Bitcoin ETF flows with only a slight increase in slippage at the US market close. The liquidity profile suggests that any additional selling pressure due to the Mt.Gox payout is unlikely to cause structural issues that are in a position to affect the entire market.

Bitcoin distribution by bankrupt trading platform Mt.Gox

Mt.Gox’s creditors have been waiting to receive more than $9 billion worth of bitcoins for ten years. And since the collapse of the exchange, the main cryptocurrency has risen in value by more than 8,500 per cent. That’s why many had fears that the recipients of compensation would immediately start selling BTC, collapsing its rate.

However, despite the significant increase in the price of the asset, Mt.Gox creditors are predominantly not selling it yet. They have already received nearly $4 billion worth of the crypto, or 41.5 percent of the entire payout.

Glassnode analysts believe that the pace of sales is well below the projected figures. Here’s their rejoinder.

Lenders have opted to receive BTC rather than conventional currency, an innovation in Japanese bankruptcy law. Thus it is relatively likely that only a fraction of these distributed coins will actually be sold on the market.

CVD metric for Bitcoin on the Kraken trading platform

Notably, spot cumulative volume delta (CVD) – that is, the metric that measures the net difference between the spot volume of buying and selling an asset on centralised exchanges – did not show a significant increase on Karken after the bitcoin distribution from Mt.Gox. In other words, the situation remains relatively stable, with recipients of the crypto preferring to hold it for now.

The second variable that raises investor concerns is the actions of the U.S. government. In theory, U.S. government agencies could sell all of their confiscated bitcoins at any time.

However, this is unlikely to happen at least until the upcoming presidential election. Well, beyond that, there remains a chance of victory for Republican Donald Trump, who earlier promised not to sell bitcoins from government wallets at all. Instead, the politician plans to create a national reserve of digital assets that can only be used to pay off a portion of the country’s national debt.

The actions of the state apparatus against the crypto sector are even tougher in China. Still now, major Chinese crypto tracker Feixiaohao is under the scrutiny of local law enforcement. Several of the platform’s executives have even been arrested as part of an ongoing investigation.

Feixiaohao traffic sources

According to the official website of Feixiaohao, the platform was launched in August 2017 and has become an analogue to the popular CoinMarketCap and CoinGecko platforms. The reasons for the alleged investigation into Feixiaohao are currently unknown.

And as sources claim, the investigation has been going on for more than six months.


So far, it seems that the coins on the wallets of Mt.Gox and the U.S. government are the last significant obstacle to the continuation of the current bullrun. Still, the situation in the economy will soon start to improve, while Donald Trump, who is backing the industry, is still the favourite in the upcoming US presidential election. So, the holders just have to survive the coming two months, after which the Mt.Gox story will be a thing of the past.


Look for more interesting stuff in our crypto chat of the future rich. There we are waiting for the continuation of the current bullrun and its final part, which at least before has always been the most profitable.