K33 warns that Mt. Gox’s $9B liability may unsettle the market and put pressure on Bitcoin.

According to analysts from K33 Research, the potential return of over $9 billion worth of Mt. Gox-era Bitcoin in the coming weeks could have a negative impact on the Bitcoin market. Some creditors of the failed crypto exchange recently reported updates on their claims, leading many to believe that they may soon receive crypto payments. These updates included information on the amount of cryptocurrency and fiat owed to the creditors, as well as repayment dates. If the repayment schedule for fiat in March is any indication, creditors may start receiving Bitcoin as early as next month. However, K33 Research analysts Anders Helseth and Vetle Lunde warn that this influx of Mt. Gox coins could put pressure on the market and potentially spook investors. While the release of Bitcoin may not necessarily lead to selling pressure, the large amount of BTC and BCH still owed to creditors could have a negative impact. The current price of Bitcoin is just over $66,700, with recent volatility attributed to geopolitical tensions and the Bitcoin halving event. Mt. Gox creditors have been waiting for over 10 years to receive their funds after the exchange collapsed in 2014. The trustee of Mt. Gox has been contacting creditors to verify their identity and exchange accounts for repayment. Some creditors have already received Japanese yen repayments, and the final deadline for repayments is set for October 31, 2024.