Welcome back to The Breakdown with me, NLW.

It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world.

What's going on, guys? It is Wednesday, May 29th, and today we are talking about Mount

Gok's coin movement. Before we get into that, however, if you are enjoying the breakdown,

please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into

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to bit.ly slash breakdown pod. Well, friends, interesting day.

After more than a decade, it looks like the Mount Cox bankruptcy distribution is finally getting

underway. On Monday, Bitcoin held by Mount Cox trustees worth around $9.6 billion was consolidated

into a single wallet. It was the first on-chain movement of funds in over five years.

The consolidation would line up with plans to distribute the Mount Cox Bitcoin by the end of

October this year. The Mount Cox distribution has been a long process marked with several delays.

Most recently, there were plans to distribute the Bitcoin to creditors late last year, which

ultimately fell through. This time around, it seems like the distribution will actually happen,

with the estate trustee stating that they are, quote, preparing to make repayment for the portion of cryptocurrency

rehabilitation claims to which cryptocurrency is allocated. As the rehabilitation trustee is proceeding

with the preparation for the above repayments, please wait for a while until the repayments are made.

As the coins began moving on chain, markets responded with a 2% drawdown, falling

below 68,000. The reason for this, perhaps, is that the Mount Cox distribution has been one of the

longest running flood narratives in the industry. Some expect the market to struggle to absorb

the newly unlocked supply if there is a sizable amount of selling from creditors. QCP Capital,

however, thinks the concern is overblown, tweeting, These bouts of supply anxiety are likely to be blips in a broader trend higher into the end of the

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