Analysis firm Glassnode tackles rumors that Mount Gox and the US government’s Bitcoin are on the move
Cryptoanalysis firm Glassnode says that defunct crypto exchange Mt. Gox does not move Bitcoin (BTC) at this time.
Mt. Gox used to handle over 70% of Bitcoin’s trading volume, but it went bankrupt in 2014 after its platform was hacked.
In July last year, the exchange announced its plans to pay out refunds to former customers in accordance with its bankruptcy rehabilitation plan.
The rumors that these payments have already begun are false, Glassnode explains in a new analysis.
“If we look at the rumors about Mt Gox coins in motion, we can see that their balance has remained stable at 137,890 BTC since the first distribution in 2018, and no coins were released from this wallet. Although not while some spending has been observed lately, distributions are expected to begin in 2023, making this balance, currently worth $3.93 billion, one to keep track of.”
Glassnode also dispels rumors that the US government is moving the Bitcoin in its possession from seizures such as the 2016 Bitfinex hack and the 2012 Silk Road hack. The government still holds 205,514 BTC.
The last time the US government transferred crypto was back in March, when it moved 9,826 BTC worth $217 million to Coinbase, according to blockchain security company PeckShield.
The government also transferred another 39,175 BTC worth $867 million to two new addresses that appear to be internally controlled and not linked to any exchanges.
In the same analysis, Glassnode also argues that the Bitcoin market does not yet show signs of overheating.
“Overheated conditions in the past were often aligned with both young supply [red]and the total market [yellow] surpassing a weekly change of 4%-8%, with earlier cases seeing an extended correction afterwards.
The recent market rally has yet to break the 4%/week threshold, but the young supply has approached 3.4%. This observation means that the market has yet to experience the same magnitude of rapid strengthening seen in December 2017, June 2019 and January 2021.”
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