Traders believe the selling pressure from Mt. Gox's repayments might be less severe than anticipated, potentially easing concerns about an immediate selloff. Galaxy Research suggests that a significant portion of the distributed Bitcoin may not be immediately sold, as most will likely be held by creditors due to their low-cost basis.
The impact on bitcoin's price from Mt. Gox distributing Bitcoin is likely overblown, Sam Callahan, senior analyst at Swan Bitcoin, said in a Tuesday email to CoinDesk. Creditors who wanted to sell their bitcoin have now had more than 10 years to do so through selling their bankruptcy claims to more convicted, long-term investors.
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