Mt. Gox Bitcoin Transfers Spark Market Fear: Will $8.8 Billion Flood the Market?

• Mt. Gox transferred 0.021 BTC to an unknown address.
• The defunct exchange also transferred 44,527 BTC to an internal wallet.
• Over 99% of the Mt. Gox BTC will be sold, an analyst predicted.

Mt. Gox, a bankrupt cryptocurrency exchange formerly based in Tokyo, appears closer to transferring the massive amount of bitcoins it holds in its wallet. A recent transaction identified by blockchain analysis platform Arkham Intelligence shows the defunct exchange transferred 0.021 BTC to an unspecified address, possibly a transfer test.

The Mt. Gox wallet currently holds 138,985 BTC, worth $8.8 billion at Bitcoin’s current price. The repayment of these bitcoins has been one of the most anticipated events in the crypto sector, as billions of dollars in BTC return to creditors. Some expect the repayment to trigger a BTC sell-off.

According to Arkham, a Mt.Gox-related address transferred 0.021 bitcoins to a certain address, which may be a transfer test. Currently, Mt.Gox-related addresses still hold about 138,000 BTC, worth $8.91 billion. https://t.co/SxMSSYkMRU

— Wu Blockchain (@WuBlockchain) July 16, 2024

Crypto enthusiasts highlighted the fact that Mt. Gox has $8 b…

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