Bitcoin Exchange Inflows Drop Despite Mt. Gox and US Government Transfer Rumors

Since early August, Bitcoin deposits to exchanges have notably decreased despite concerns over the Mt. Gox bankruptcy estate and potential US government sell-offs.

Data from CryptoQuant reveals that on August 4, nearly 94,000 BTC was moved to exchanges, followed by around 49,000 BTC on August 5, and about 51,000 BTC on August 6. However, inflows have since declined, with August 20 data showing a drop to 31,000 BTC, indicating less selling pressure.

On August 20, Mt. Gox transferred 12,000 BTC, valued at approximately $709 million, to undisclosed wallets—the first significant movement from the defunct exchange in over three weeks. Mt. Gox-related wallets still hold about 44,899 BTC, worth around $2.7 billion.

Despite speculation about a potential impact from Mt. Gox distributions, recent observations suggest creditors are largely retaining their Bitcoin rather than selling. Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad, attributed this to the long wait and the early adoption of the technology by Mt. Gox creditors.

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Additionally, rumors about a possible US government Bitcoin sell-off emerged after a transfer of 10,000 BTC to an unmarked wallet on August 14. However, analysts like Ryan Lee of Bitget Research have noted that such transfers might be related to custody arrangements rather than imminent sales.

Alexander Stefanov