Bitcoin exchange inflows have dropped significantly since early August, despite transfers from the Mt. Gox bankruptcy estate and worries of a US government sell-off.
Mt. Gox Transfers
On Aug. 20, Mt. Gox moved 12,000 BTC, valued at roughly $709 million, to unknown wallets, marking the first time the defunct exchange has shifted funds in more than three weeks. According to data from Arkham Intelligence, wallets associated with the Mt. Gox exchange still hold 44,899 BTC, valued at roughly $2.7 billion.
US Government Sell-Off Rumors
Rumors of a potential US government sell-off began to circulate after the government shifted 10,000 Bitcoin to an unmarked wallet address on Aug. 14. However, some analysts correctly pointed out that the transfer may not indicate plans to offload the Bitcoin and could be custody-related.
Market Analysis
According to analysts, despite significant transfers, selling pressure on the market has reduced. This could be explained by the demographics of the Mt. Gox creditors, who represent early adopters of decentralized tech and have waited 10 years for their reimbursement.
Bitcoin exchange inflows have significantly decreased in August, which may indicate a decrease in selling pressure on the market, despite major transfers from Mt. Gox and the US government.
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