Most Mt. Gox Bitcoin Recipients Opt Not to Sell: Reddit Poll

Cryptocurrency journalist Colin Wu recently shared insights about a poll conducted among Reddit users who are recipients of compensation from Mt. Gox.

In this poll, participants who received Bitcoin as compensation disclosed their plans for the newly acquired BTC. The results indicate that a significant majority of respondents do not intend to sell their Bitcoin.

### Mt. Gox Bitcoin Poll on Reddit

According to Wu’s report, a total of 467 users took part in the survey titled “What percentage of your Bitcoins will you sell immediately after receiving them?” Out of these, 260 Reddit users opted for the “zero” option, representing 55% of the votes. In contrast, 88 users indicated they would sell all of their Bitcoin received from Mt. Gox via centralized exchanges, which constituted 18% of the participants. Additionally, 68 individuals stated they would sell between 1% and 25%, while 26 users planned to sell 25% to 50% of their Bitcoin.

Earlier this week, Mt. Gox transferred nearly $6 billion in Bitcoin to various crypto exchanges to distribute the funds among its creditors, who suffered significant losses due to a hack in 2014 that rendered the exchange nonfunctional.

One of the exchanges involved, the U.S.-based Kraken, announced that it has received some of this Bitcoin and aims to send it to Mt. Gox customers within a week or two.

The poll results align with the viewpoint expressed by Bitcoin advocate Samson Mow, who suggested that only around 20% of the compensated crypto will make its way to the market. Mow believes the remainder will likely be secured in cold storage.

### Whales Accumulating Bitcoin

Ki Young Ju, the founder and CEO of CryptoQuant, has revealed that this year, large investors, often referred to as “whales,” have acquired 1.8 million Bitcoin. These purchases include wallets containing over 1,000 BTC, custodial wallets, and spot Bitcoin exchange-traded funds (ETFs). This translates to an average of 100,000 Bitcoins being bought each week by these entities. In contrast, in 2021, the total Bitcoin inflow into similar wallets was approximately 70,000 BTC.