150,000 Mt. Gox Bitcoin won't trigger a correction anytime soon

There is growing speculation that 150,000 Bitcoin from the Mt. Gox trustee could move on Oct. 15.

Between 2011 and 2013, Mt. Gox lost 850,000 BTC in the biggest hacking attack in Bitcoin history.

The trustee reportedly has 150,000 BTC to repay users who lost their funds from the breach.

The refund process has been continuously delayed since 2019, and the refunds won't likely happen anytime soon.

Why is there sudden speculation about the 150,000 Mt. Gox BTC moving?

30, the Mt. Gox trustee released a statement on the official Mtgox.com website.

There are two key reasons the trustee would not move the Bitcoin in the near term.

First, the extension pertains to submitting the rehabilitation plan, not refunding the BTC. Simply put, the Oct. 15 deadline is for the trustee to put forward a plan, not to refund investors.

Based on these two factors, it is safe to presume that the 150,000 BTC from the Mt. Gox trustee won't hit markets in the short term.

In the past week, Bitcoin has faced numerous negative events that mounted significant selling pressure on BTC. On Oct. 1, the United States CFTC's charge against BitMEX immediately caused Bitcoin to pull back by over 5% while 24 hours later, U.S. President Donald Trump contracted COVID-19, causing most asset classes, including BTC, to correct.