Bitcoin HODLers Strong: Mt. Gox Selloff Fails to Dent Market

• Bitcoin long-term holders control 45% of the network’s wealth, a historically high level.
• Mt. Gox creditor distributions have not significantly impacted Bitcoin’s market resilience. 
• HODLing behavior is on the rise, with more coins maturing into long-term holder status.

Recent analysis of Bitcoin market dynamics reveals a significant trend among long-term holders (LTHs). As of July 26, 2023, LTHs control approximately 45% of the network’s Bitcoin wealth. This level is relatively high compared to historical macro cycle tops. This trend suggests that these investors are patiently HODLing their coins, waiting for higher prices before selling.

The Mt. Gox creditor distribution has been a major event for the Bitcoin industry. After a prolonged legal process, creditors are finally receiving Bitcoin from the infamous exchange hack. Out of the 142,000 BTC recovered, 59,000 BTC have been distributed via Kraken and Bitstamp. Despite this large distribution, the Bitcoin market has shown resilience. The sell-side pressure remains within typical ranges, indicating that many creditors might still be HODLing their coins.

A comparison of large entity sell-side volumes sho…

The post Bitcoin HODLers Strong: Mt. Gox Selloff Fails to Dent Market appeared first on Coin Edition.