Addresses linked to the bankrupt Mt. Gox exchange recently moved 96,396 Bitcoin (BTC) worth over $6 billion to three unmarked wallets, raising selloff concerns amid ongoing creditor repayments. Data from Arkham Intelligence shows these transactions took place over two hours, starting with a 0.021 BTC test transfer.
Following the test, 44,526 BTC valued at $2.84 billion were moved to two addresses, with 44,000 BTC going to a Mt. Gox cold wallet. Shortly after, another 47,229 BTC, worth nearly $3 billion, was sent to a different unknown address, followed by 48,641 BTC to a third unknown address.
Despite selloff fears, these BTC remain in the recipient wallets. The movements follow the German government’s recent Bitcoin selloff, which contributed to a market downturn. Bitcoin hit a five-month low of $53,485 on July 5 but has since rebounded by nearly 18%.
Mt. Gox began creditor repayments in July, with some creditors confirming receipt of Bitcoin and Bitcoin Cash tokens. The recent transactions likely aim to facilitate further disbursements. Mt. Gox still holds 138.9 BTC worth $8.7 billion.
These events underscore the strategic importance of managing large-scale BTC holdings and their potential market impact.
