The concerns surrounding Mt. Gox's potential market impact appear to be overstated.

The growth in market capitalization has significantly outpaced the increase in realized cap, indicating robust demand. Despite $224 billion in #Bitcoin sales since 2023, the price has surged by 350%.

Even if Mt. Gox's $3 billion worth of Bitcoin were to be sold on Kraken, it would represent merely 1% of the realized cap increase during this bull cycle, suggesting that the market possesses sufficient liquidity to absorb such sales.

More than a third of the Bitcoin owed to creditors of the defunct exchange has already been distributed, with reports indicating a 36% distribution as of July 17. Since then, Bitcoin prices have remained stable, consolidating around the $63-65k level for the past four days.