Glassnode: Bitcoin (BTC) Investors See Speculative Activity amid Mt. Gox Distribution Preparations
The post Glassnode: Bitcoin (BTC) Investors See Speculative Activity amid Mt. Gox Distribution Preparations appeared on BitcoinEthereumNews.com.
After months of stagnation and sideways price action, the Bitcoin (BTC) market is showing the first signs of renewed speculative activity. This development follows a recent false alarm regarding the distribution of the Mt. Gox supply, according to Glassnode Insights. Mt. Gox on the Move On May 28, 2024, the market reacted to an internal wallet consolidation by the Mt. Gox Trustee, the legal entity overseeing the 141,000 BTC from the defunct exchange. Mark Karpeles, the former CEO of Mt. Gox, confirmed that the coin movement was related to internal wallet management in preparation for creditor distributions, which are expected to be completed by October 2024. As far as I know everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year, there is no imminent sale of bitcoins happening. — Mark Karpelès (@MagicalTux) May 28, 2024 Glassnode’s Point-in-Time (PiT) metrics provide a detailed view of the Mt. Gox balances, demonstrating that over 141,000 BTC were moved in several tranches on the day of the consolidation. Capital Flows and Composition The impact of the Mt. Gox coin movements is evident in several on-chain metrics such as Realized Cap and SOPR, which show significant spikes. These metrics reflect the revaluation of coins to higher cost bases during wallet management transactions. Glassnode’s entity-adjusted Realized Cap metric filters out non-economical transfers to provide a clearer picture of capital flows into Bitcoin. Currently, the Realized Cap is at an all-time high (ATH) of $580 billion. However, new liquidity inflows have slowed since late April as the market consolidated. The Realized Cap HODL Waves metric indicates that 41% of network wealth is held by coins younger than three months, suggesting that new demand is absorbing a significant portion of the available…
Filed under: News - @ June 6, 2024 3:10 am