A big Bitcoin sale stays out - the price holds steady

59.000 Bitcoin from Mt. Gox's estate have since been paid to creditors. The expected price drop has so far failed to materialize.

The crypto market has feared this for years: the first tranches from the estate of the bankrupt exchange Mt. Gox have been transferred to creditors.

So far, 59,000 out of a total of more than 140,000 Bitcoin have been paid out, the data service Glassnode said in a report.

Because of the immense price increases in recent years, broad profit-taking was feared.

Glassnode, however, provides reassurance for now. A sell-off has so far failed to materialize. On-chain analyses would have revealed that "creditors appear to be HODLers or long-term investors."

This, Glassnode said, could "dampen the degree of selling pressure in the coming weeks." The analysis shows that "it is relatively likely that only a portion of Bitcoin will actually be sold on the market."

It cannot be ruled out, however, "that because of the rapid rise in prices over the past decade, a not insignificant pressure may be exerted from the recipients."

So far, at least, the Bitcoin rate is showing itself to be fearless. Compared to last week, the price remains unchanged at around $66,000.