Cryptocurrencies slid Tuesday as Kraken started to distribute assets to creditors of defunct exchange Mt. Gox, with the potential sell pressure weighing on the market.
Ether (ETH) outperformed most assets, trading mostly flat below $3,500, supported by the U.S.-listed spot exchange-traded funds (ETF) booking strong trading volumes on their debut day.
The price action happened as multiple creditors reported to receive their cryptos after ten years of waiting from the estate of Mt. Gox, a one-time crypto exchange giant that imploded in 2014 after a hack. The estate started this month to transfer assets to several crypto exchanges, where users will be able to reclaim assets over the next weeks.
The imminent distribution of nearly $9 billion worth of BTC and BCH has been a top source of concern for digital asset investors, pondering how much of those assets creditors will sell on the open market to capitalize on the massive price appreciation over the past ten years.