Only the holders with the least conviction will be selling Bitcoin on the Mt. Gox repayment news, according to popular on-chain analyst ZachXBT.
The incoming repayments from the defunct Mt. Gox exchange will only cause short-term Bitcoin selling pressure among the weakest holders.
Mt. Gox’s cold wallet transferred 140,000 Bitcoin (BTC) worth over $9 billion within three hours on July 16, signaling asset consolidation ahead of the repayments.
However, the over $9 billion worth of repayments will only result in Bitcoin selling among the holders with the weakest conviction, also known as "paper hands" in crypto slang.
