TechFlow reports, Galaxy Digital research head Alex Thorn said the Mt. Gox Bitcoin transfers could be moving to distribution agents, with an estimated total of around 100,000 BTC. Thorn believes these bitcoins are more likely to be held rather than sold off, and noted that the receiving addresses are 34-character P2PKH addresses, which may not signal the start of distribution.
He emphasized that even if these coins aren't heavily dumped on the market, market panic is still evident, especially given Germany is also selling BTC. However, he believes the market can weather this challenge.
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