Bitcoin (BTC) is at the forefront of a significant downward shift in cryptocurrency valuations this Monday, triggered by the announcement from the trustee of the defunct Mt. Gox crypto exchange. The trustee has declared an intention to commence the restitution of over 140,000 BTC to clients in July, assets lost in the notorious 2014 breach.

At the time of writing, Bitcoin is valued at $60,700, marking a decline exceeding 5% within the last 24 hours, reaching its lowest valuation since early May. Ether (ETH) mirrors this decline, alongside a similar downturn in the broader CoinDesk 20 Index.

Market participants offloading their holdings today are weighing the ramifications of an influx of over 140,000 Bitcoin into the market within a short span. For context, this quantity is slightly less than the entirety of Fidelity’s spot Bitcoin ETF, which currently holds 167,375 Bitcoin.

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“We surmise that the actual number of coins distributed will be fewer than anticipated, leading to less downward pressure on Bitcoin prices than the market is predicting,” stated Alex Thorn, head of research at Galaxy.

Thorn’s analysis indicates that approximately 75% of creditors will opt for the “early” payout scheduled for July, translating to a distribution of roughly 95,000 coins. Of these, Thorn projects that 65,000 coins will be allocated to individual creditors, who he believes may exhibit more resilience in holding their assets than is generally expected. He attributes this resilience to their previous resistance against years of “enticing and assertive offers from claims funds,” in addition to the significant capital gains taxes owed due to Bitcoin’s 140-fold increase in value since the bankruptcy.

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Regarding those claims funds, Thorn, having engaged in dialogues with some, posits that the vast majority of the partners in these funds are affluent Bitcoin enthusiasts intent on expanding their holdings at a discount, rather than arbitrageurs seeking a quick profit.