👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Most of Mt. Gox Bitcoin Receivers Choose Not to Sell: Reddit Poll

Published 07/18/2024, 09:29 PM
Updated 07/19/2024, 01:15 AM
© Reuters.  Most of Mt. Gox Bitcoin Receivers Choose Not to Sell: Reddit Poll
BTC/USD
-

U.Today - Cryptocurrency journalist and blogger Colin Wu has published a post about a poll that took place among Reddit users – Mt. Gox Bitcoin recipients – recently.

In that poll, those users, who received compensation from Mt. Gox in Bitcoin, revealed what they are going to do with the newly received BTC. The survey shows that the majority of the voters do not plan to sell it.

Mt. Gox Bitcoin poll on Reddit

According to Wu’s tweet, so far, there are 467 users who participated in the vote, called “What percentage of your Bitcoins will you sell immediately after receiving them?”

Two hundred sixty Redditors chose the “zero” option, which accounted for 55% of the voters. Eighty-eight Redditors voted for selling all of the BTC they will receive or have received from Mt Gox via centralized and currently operational cryptocurrency exchanges – that was 18% of the voters. Sixty-eight people said they would sell from 1% to 25% of their Bitcoin. Twenty-six Redditors chose the option of selling 25% to 50%.

Earlier this week, Mt. Gox transferred close to $6 billion worth of Bitcoin to crypto exchanges, which will then distribute the funds among Mt. Gox creditors and traders. Those people were hit by a massive funds loss as a result of a hack in 2014. The exchange became nonfunctional after that.

One of those exchanges, the U.S.-based platform Kraken, announced that it had received part of that Bitcoin and intends to send it to Mt. Gox customers within a week or two.

The results of the poll, however, mirror the opinion recently shared by Bitcoin advocate and Jan3 chief executive Samson Mow. He tweeted that he believes only about 20% of that crypto will eventually hit the market. The rest, he believes, will be locked in cold storage vaults.

Whales scooping up Bitcoin like crazy, analyst says

Ki Young Ju, founder and CEO of CryptoQuant, shared data that shows that this year, whales have purchased 1.8 million Bitcoin. They include wallets holding more than 1,000 BTC, custodial wallets and spot Bitcoin ETFs. This means that every week, all these entities have been buying 100,000 Bitcoins.

In 2021, the overall Bitcoin inflow into those wallets amounted to 70,000 BTC.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.