Almost all former creditors of Mt. Gox may want to sell their Bitcoin, which now is worth more than 8,500% than it was 10 years ago after the exchange failed.

Most of the Bitcoin repaid by the closed exchange Mt. Gox will be sold, and this might push the price of Bitcoin even lower.

Mt. Gox’s repayments could bring $8.2 billion worth of extra selling pressure to Bitcoin, finance analyst Jacob King suggests.

Jacob King mentioned that transactions already show Mt. Gox’s creditors have begun to sell.

Will Mt. Gox’s $8.2B Bitcoin entering back into the market makes it bearish ?

The forecasts cause worry about the cost of Bitcoin, which has failed to get a hold on traction to succeed among traders for more than a month and now trades over the $60,000 key level.

Bitcoin has seen a downward trend throughout June recording a loss of almost 18% in the second quarter of 2024.

Yet, the selling in the market by Mt. Gox’s creditors might take Bitcoin into bear market territory once again.

Up to 99% of Mt. Gox creditors could be selling, according to the analyst:

Bitcoin worth over $9.4 billion is due to about 127,000 Mt. Gox creditors who have waited more than 10 years to get their money back.

Given that the price of Bitcoin has risen by more than 8,500% in the last decade, most of the failed creditors will aim to secure some gains.

This is why BitcoinMinting experts also anticipated that around 99% of the creditors will sell their BTC.