As a long-term crypto investor who went through the Mt. Gox hack in 2014 and lost a significant portion of my investments, I find the results of the recent Reddit poll among Mt. Gox Bitcoin recipients quite intriguing. The fact that more than half (55%) of the voters chose not to sell their newly received Bitcoins is a testament to the belief in the long-term potential of this digital asset.
Colin Wu, a cryptocurrency journalist and blogger, has shared information about a recent poll conducted amongst Reddit users who received Bitcoins from the now-defunct Mt. Gox exchange.
In the poll conducted at Mt. Gox, Bitcoin recipients shared their intentions for the freshly obtained BTC. The results indicate that a significant number of respondents have no plans to sell it.
Mt. Gox Bitcoin poll on Reddit
Based on Wu’s post on Twitter, a total of 467 individuals have taken part in the poll titled “What percentage of your Bitcoins do you plan to sell straight away upon receipt?”
As an analyst, I’ve examined the voting results of a recent Reddit poll regarding the proposed action for Bitcoin received or expected from Mt Gox via centralized exchanges. Out of the two hundred sixty participants, approximately fifty-five percent (138 individuals) opted for the “zero” choice, meaning they intended to sell none of their Bitcoin.
Among the 467 Reddit MtGox forum members who took part in a poll, approximately half (55%) opted not to sell their bitcoins following compensation receipt. Conversely, about one-fifth (18%) decided to offload their entire holdings.
— Wu Blockchain (@WuBlockchain) July 18, 2024
Approximately $6 billion in Bitcoin was moved from Mt. Gox to cryptocurrency exchanges earlier this week. These exchanges will subsequently disburse the funds among the affected parties – creditors and traders who sustained significant losses due to a major hack on the exchange back in 2014. As a consequence of the cyberattack, Mt. Gox ceased to operate effectively.
I recently came across an announcement made by Kraken, a US-based cryptocurrency platform, stating that they have received some of the confiscated Bitcoin from the Mt. Gox bankruptcy case. They plan to distribute this Bitcoin to affected Mt. Gox customers within approximately one week to two weeks.
As a researcher studying the latest trends in the cryptocurrency market, I’ve come across some intriguing data from a recent poll. Interestingly enough, my findings align with the perspectives expressed by Samson Mow, Bitcoin advocate and CEO of Blockstream’s mining pool, Jan3. In his tweets, he posits that approximately 20% of the total supply of Bitcoin may eventually be available for trading in the market. The remaining 80%, according to him, are likely to remain securely stowed away in cold storage vaults.
Whales scooping up Bitcoin like crazy, analyst says
According to Ki Young Ju, the founder and CEO of CryptoQuant, the data indicates that whales – entities with over 1,000 Bitcoin, custodial wallets, and Bitcoin ETFs – have collectively purchased approximately 1.8 million Bitcoins this year. This equates to a weekly purchase of around 100,000 Bitcoins.
In 2021, the overall Bitcoin inflow into those wallets amounted to 70,000 BTC.
The volume of Bitcoin transacted in over-the-counter (OTC) markets significantly surpasses that of cryptocurrency exchanges (CEX).
— Ki Young Ju (@ki_young_ju) July 17, 2024
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2024-07-18 16:39