Crypto analytics firm Glassnode says defunct crypto exchange Mt. Gox is not currently moving Bitcoin (BTC).
Mt. Gox used to handle over 70% of Bitcoin’s trading volume, but went bankrupt in 2014 after the platform was hacked.
Last July, the exchange announced its plans to issue refunds to former clients in accordance with its bankruptcy recovery plan.
Rumors that those payouts have already started are false, Glassnode explains in a new analysis.
“Looking at the Mt Gox coins rumors moving, we can see that their balance has remained stable at 137,890 BTC since the first tranche of distributions in 2018, and no coins have been released from this wallet. While no spending has been seen recently, distributions are expected to begin in 2023, making this balance, currently worth $3.93 billion, one to keep track of.
Glassnode is also dispelling rumors that the US government is moving the Bitcoin it holds from seizures such as the 2016 Bitfinex hack and the 2012 Silk Road hack. The government still owns 205,514 BTC.
The last time the US government transferred crypto was in March, when it moved 9,826 BTC worth $217 million to Coinbase, according to blockchain security firm PeckShield.
The government has also transferred an additional 39,175 BTC worth $867 million to two new addresses that appear to be internally controlled and not linked to any exchange.
In the same analysis, Glassnode also states that the Bitcoin market is showing no signs of overheating yet.
“Overheated conditions in the past often coincided with both young supply [red]and the total market [yellow] outperforming a weekly change of 4%-8%, with previous cases seeing an extensive correction in hindsight.
The recent market increase has not yet crossed the 4%/week threshold, but the young supply is close to 3.4%. This observation means that the market has not yet experienced the same degree of rapid appreciation as in December 2017, June 2019 and January 2021.”
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