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On Wednesday, Bitcoin’s price dipped below $66,000 following news of another significant BTC transfer from the defunct crypto exchange Mt. Gox.
On Tuesday, July 30, the Mt. Gox estate moved nearly 34,000 Bitcoin—worth around $2.25 billion at current prices—to a new wallet. This move indicates the exchange might be actively repaying its creditors after its shutdown in 2014.
According to data from Arkham Intelligence, Mt. Gox transferred 33,963 BTC to a new wallet, where the funds remain as of press time. It is unclear whether the $2 billion worth of BTC was moved to a crypto exchange or reallocated within its own wallets.
Amid this transfer, the price of Bitcoin briefly dropped to $65,400 before recovering above the $66,000 level. As of now, BTC is trading just above $66,000, down 5.37% from July 29, when it reached $70,000.
Bitcoin’s Price Reactions to Mt. Gox Moves
The impact of these recent transfers on Bitcoin’s price remains uncertain. For instance, the extended sell-off of confiscated BTC by the German government in early July drove the BTC price down below $55,000, causing concern among speculators.
Preliminary indicators suggest limited sell-side pressure. A report from Glassnode on July 29 reveals that out of the 142,000 BTC recovered from the Mt. Gox hack, approximately 59,000 BTC have already been distributed to creditors via major exchanges. Despite these significant movements, Bitcoin’s price has remained above the $60,000 mark, suggesting a relatively contained market impact.
As a result, the proportion of Bitcoin held by new investors has declined. Long-term holders now control about 45% of the network’s wealth, indicating a shift in investor behavior towards holding rather than selling.
However, Mt. Gox still holds over $5.3 billion worth of BTC in its wallets, suggesting that the distribution of these funds could extend over weeks or even months.
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