Mt. Gox out-of-address transfer today unlikely to be the start of redemption

Alex Thorn, Head of Research at crypto trading firm and asset manager Galaxy, said: "Mt. Gox's outward transfer of 47,228 BTC is not expected to be the start of the redemption. The address that received the funds is in P2PKH (pay-to-public-key-hash) format, whereas the redemption funds will be distributed using P2SH (pay-to-script-hash) or Bech32, which is the latest trend," said Alex Thorn, Head of Research at Galaxy. "We believe there are more holders than sellers among Mt. Gox creditors. The German government is also dumping into the market, but the market will overcome this overhang (potential selling volume) and eventually the bad news will be resolved."