Addresses affiliated with the bankrupt exchange Mt. Gox recently moved 96,396 Bitcoin (BTC) worth over $6 billion to three unmarked wallets, raising concerns about potential selloffs amidst ongoing creditor repayments. Data from market analytics resource Arkham Intelligence indicates that these transactions took place over a two-hour timeframe.

Interestingly, the latest series of transactions began with a 0.021 BTC transfer to an unknown address after three weeks of inactivity. This initial transfer was likely a test run before the larger movements.

After the test transfer, the Mt. Gox address moved 44,000 BTC, along with 526 BTC, collectively valued at $2.84 billion, to two different addresses at 06:39 UTC. While the 44,000 BTC was moved to a Mt. Gox cold wallet, the 526 BTC was transferred to an unidentified address.

A few minutes later, Mt. Gox sent another 47,229 Bitcoin, worth nearly $3 billion, to a different unknown address. This large transaction was followed by another transfer involving 48,641 BTC to a third unidentified address, bringing the total amount moved to 96,396 BTC across three unknown wallets.

Despite concerns of a selloff, these assets are still sitting in the recipient wallets at the time of reporting. These recent movements come just days after the German government emptied its Bitcoin stash following weeks of selloffs, a trend that contributed to the recent market downturn.

Bitcoin recently hit a five-month low of $53,485 on July 5. However, it has since rebounded, rising nearly 18% from this low. The market remains cautious about potential selloffs from Mt. Gox creditors.

Last month, the defunct exchange announced plans to begin repayments in July. After years of waiting, some creditors confirmed on July 5 that they had begun receiving their Bitcoin and Bitcoin Cash (BCH) tokens. The recent movements are likely efforts to disburse funds to creditors. Mt. Gox still holds 138.9 BTC worth $8.7 billion.

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