Many people still believe that the actions of Mentougou will affect or determine market trends, or serve as early signals. I can only say that this is purely a way to disgust the market. I will explain my views in three points.

1. In fact, after the last court ruling in Japan, most of the victims' compensation claims were sold to some unknown institution because retail investors were unwilling to bear the long compensation time cost. Of course, very few people know about the sale of compensation claims, as obtaining information is an issue. Moreover, so many years have passed that there are probably not many of the original 'old leeks' left.

2. Regarding the large compensation tracking situation from last year, I tracked almost all the compensation movements at that time. A strange issue arose: the large compensation transfers were primarily into Bitstamp. However, this exchange does not have high trading depth and cannot withstand the sale of thousands at a time. Later, I remembered that this exchange was one of the leading and highly regulated exchanges at the time of the event's litigation, which is why it was chosen as the transfer processing party, along with KK. From subsequent transfers, it became clear that large amounts were transferred into Stamp and then also large amounts transferred out, while smaller amounts were handled by KK. Some might say that institutions can sell after transferring to CB or An'an and other leading exchanges, which is indeed possible, but this leads to endless tracking, which is not feasible for me as a data research enthusiast.

3. Regarding the earlier movement of the Mentougou address, whether it belongs to compensation assets is uncertain. If it is compensation assets, then it should be frozen assets. However, it seems that there are no recent court documents indicating compensation is needed, so the earlier movement can be understood as a normal wallet security maintenance movement. But if it does not belong to compensation assets, then it is the assets of institutions/big players. Regardless of which group the assets belong to, only when they are truly transferred to exchanges and into hot wallet addresses can they be considered as real sales. The second point mentioned that KK was the transfer exchange distributed to retail investors, and it took over a week to distribute, with each transaction ranging from over 300 to 100. Therefore, it can be seen that transferring to an exchange does not necessarily mean selling. #门头沟 #Mt.Gox