Mt. Gox moves over 95,870 Bitcoin as market braces for impact
A wallet tied to a defunct cryptocurrency exchange, Mt. Gox, has moved 48,641 Bitcoin. The transfer comes two weeks after the firm’s repayment process pushed Bitcoin below the $60,000 mark.
According to data from Arkham Intelligence, the recent move saw the exchange’s cold wallet transfer over $3 billion worth of Bitcoin to an unknown wallet.
Earlier, the exchange had moved 47,229 Bitcoin worth approximately $3 billion. Further, an additional 44,000 BTC, valued at $2.84 billion, was moved between two of the firm’s cold wallets.
In total, the firm has moved 95,870 Bitcoins. At the time of publication, Mt. Gox still holds 138,985 Bitcoin in its primary wallet. The overall value of the funds stands at a whopping $8.7 billion.
The transfers were preceded by what has been presumed to be a test transaction for 0.021 BTC, suggesting that today’s moves were planned ahead.
The recent surge in activity comes after its last major transfer of 1545 BTC two weeks ago to crypto exchange BitBank as part of its repayment process.
Currently, it is not known whether the recent transfers have also been made in this regard, as the wallets have yet to be identified.
Bitcoin was quick to react to the massive transfers. The flagship cryptocurrency dropped below the $62,000 mark after briefly surpassing $63,000 on July 15.
The short relief rally was fueled by the pause of transfers from Mt. Gox coupled with the conclusion of Bitcoin sales by the German government.
Market participants remain hopeful
Analysts were slowly turning bullish, with some expecting a trend reversal towards the upside.
Prominent crypto analyst Michael Van de Poppe said in an X post on July 16 that he expects Bitcoin to move towards the “all-time high” for the third quarter of 2024 if the price stays above $60,000.
While Bitcoin remains in this range, some analysts expect the Mt. Gox transfers to introduce added selling pressure.
However, most analysts were seen dismissing the recent moves as FUD.
One X user estimated that not all funds from the repayments would be sold. Further, they believe the majority of the impact from Mt. Gox users selling their stash to be absorbed by the ETF market, which has seen notable inflows over the past weeks.
Similar sentiments were echoed by analyst James Van Straten, who also expects the market to “absorb the sell side pressure from Mt Gox.”
At the time of publication, Bitcoin was priced at
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