Mt. Gox Creditor Floodgates Are Opening
With Kraken already beginning distributions, Bitstamp is close behind.
Mt. Gox creditors are set to receive 
Bitcoin and Bitcoin Cash from 
Bitstamp starting tomorrow.
What's the scoop?
- Received Assets: The exchange received Bitcoin, Bitcoin Cash, and
Ethereum from the Mt. Gox trustees today. - Initial Transfers: Mt. Gox first transferred 2,237 BTC ($147M) and another 382 BTC ($25M) to Bitstamp.
- Additional Transfers: A Mt. Gox-associated wallet transferred 32,371 BTC ($2.13B) to an unknown address. Another transfer of about $2.8B in Bitcoin was also reported.
- Creditors and Amount: Approximately 20,000 former Mt. Gox users will receive over $9B of crypto in total.
Bankless Take:
For $9B of sell pressure coming online, the market is holding up well so far — Bitcoin in particular. With 
Kraken beginning distributions yesterday, it seems that the market gets more scared when countries sell their coins — even if the sizes proves larger. With consensus seeming to form around Bitcoin outperforming Ethereum in the short-term due to ETF dumps, any dips from these sales may be best viewed as opportunities to buy.
