Data from research firm Glassnode shows that as of Tuesday, 59,000 of Mt. Gox's 142,000 BTC had already been distributed to creditors

After over a decade of waiting, creditors of the defunct Mt. Gox Bitcoin (BTC) exchange are finally beginning to receive their long-awaited payouts.

According to data from research firm Glassnode, as of Tuesday, 59,000 of Mt. Gox’s 142,000 BTC had already been distributed to creditors via the Kraken and Bitstamp exchanges, with another 79,600 BTC to follow soon.

A total of 141,686 BTC was recovered by the exchange’s trustee, ????, nearly 59,000 BTC had already been distributed to creditors, while the remaining sum awaited further distribution.

Out of the five designated exchanges that were chosen to handle and distribute these funds, Kraken and Bitstamp acted as one of the exchange partners. Specifically, Kraken received 49,000 BTC, while Bitstamp received the initial tranche of 10,000 BTC.

Interestingly, the size of these distributions already outstrips recent major transactions in the cryptocurrency space, including crypto ETF inflows, issuance to miners, and the massive selling pressure experienced by the German government between June and July, the firm noted.

According to the analysis by Glassnode, this suggests that many of the creditors may still be active in the Bitcoin space, despite the extensive legal process, which included the option for creditors to opt out of receiving fiat currency and instead receive BTC, which became an option under Japanese bankruptcy law for the first time.

This active participation may indicate that only a subset of the distributed coins will enter the market for sale, which could suggest a long-term holding strategy among creditors, ultimately supporting BTC’s price rather than having an impact that could result in further price declines for the largest cryptocurrency on the market.

Furthermore, an analysis of the spot cumulative volume delta (CVD) metric on Kraken and Bitstamp shows only a marginal uptick in sell-side pressure, suggesting creditors may be more inclined to hold onto their BTC for the long term.

This is also supported by the price of Bitcoin, which has rebounded nearly 25% after hitting a 6-month low of $53,500 on July 5. Notably, long-term holders of the largest cryptocurrency on the market have been on a buying spree, adding over 110,000 BTC to their portfolios, as recently reported by market expert Ali Martinez.

Meanwhile, the Bitcoin ETF market saw further inflows into the regulated market in the US, as recent data showed.

According to SoSo Value data, Bitcoin ETFs in the US saw a total of $124 million in new inflows on Monday, despite Grayscale’s GBTC ETF seeing outflows of about $54 million. Notably, BlackRock’s IBIT ETF had the most inflows for the day, with $206 million.

Altogether, BTC’s price has consolidated between $65,000 and $68,000 over the past few days, with an eye on a potential retest of the all-time high of $73,500 reached in March this year.

Currently, the largest cryptocurrency on the market is trading at $66,000, down 2.5% over the past 24 hours and 1.5% over the past week.

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