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Glassnode Glassnode @glassnode · 44.1K subscribers
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The Week On-Chain 31, 2024
After more than a decade of legal process, the long awaited creditor distribution of the Bitcoin recovered from the Mt.Gox exchange collapse is underway. From a psychological perspective, this represents the final chapter in what has been a major market overhang over the industry since 2013.

Executive Summary
- After a prolonged legal process, Mt.Gox creditors are finally receiving Bitcoin recovered from the exchange hack. Currently, 59k of the 142k BTC has been distributed via Kraken and Bitstamp.
- Wealth held by new investors is declining, well below levels seen at macro market tops, indicating a shift back towards HODLing.
- The distribution pressure by the LTH cohort remains relatively light, and is in decline. Alongside this, Long-term investors currently hold 45% of the network wealth, which is relatively elevated compared to levels seen near macro cycle topping events.

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