$2.8B Mt. Gox Bitcoin On The Move Again — How Does BTC React?

Another batch of Bitcoin (CRYPTO: BTC by defunct exchange Mt. Gox, totaling $2.8 billion, was moved on Wednesday.

What Happened: This follows similar transfers on Tuesday, raising concerns about a potential price drop due to selling pressure.

According to data from Arkham Intelligence, Mt. Gox moved 37,400 BTC, valued at $2.5 billion, from its primary wallet to a new wallet identified as “12Gws9E.”

An additional $300 million was transferred to an existing cold wallet, and another $300 million was moved to wallet “1MzhW,” with $130 million of that sum being sent to the crypto exchange Bitstamp.

Despite these movements, Bitcoin prices held steady.

Mt. Gox currently holds $6 billion worth of Bitcoin, down from $9 billion as of July 10. During this period, Bitcoin has largely fluctuated between $66,000 and $67,000.

This activity echoed transactions from the previous day when Mt. Gox transferred $130 million to Bitstamp and relocated $2.5 billion across different wallets.

Notably, several creditors on the crypto exchange Kraken reported receiving Bitcoin repayments in their personal accounts during U.S. hours.

The price of Bitcoin has remained largely unaffected by the latest transfer, rising from just below $66,000 in the early morning hours to around $66,500 at the time of writing.

Also Read: Ethereum ETFs Shine On Day 1 With $107M Net Inflows — But What About The Bitcoin ETFs?

Why It Matters: The repayments mark the beginning of Mt. Gox’s efforts to compensate creditors affected by a 2014 hack.

Over the next few months, more than $9 billion worth of Bitcoin and $73 million worth of Bitcoin Cash will be distributed to traders.

A large number of community members reported receiving their Bitcoin from Mt. Gox on Kraken, while Bitstamp users are still waiting.

Kraken confirmed the receipt of creditor funds from the Mt. Gox trustee and estimated that it would take 7-14 days for the funds to be fully deposited into user accounts.

“We have successfully distributed Bitcoin and Bitcoin Cash from the Mt. Gox estate back to creditors,” Kraken stated.

As the crypto market continues to navigate these developments, industry experts and enthusiasts are looking forward to Benzinga’s Future of Digital Assets event on Nov. 19.

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