coindesk.com
Defunct exchange Mt. Gox moved 13,265 $BTC on-chain, according to Arkham Intelligence.
According to Galaxy's Alex Thorn expects only 1,265 $BTC may be offloaded in the market.
Mt. Gox-related selling pressure might raise its head again in the bitcoin ($BTC) market.
Early Wednesday, an address associated with the defunct exchange moved 13,265 $BTC, worth $784 million, of which 12,000 $BTC went into an address identified as “1PuQB," according to data tracking platform Arkham Intelligence.
Meanwhile, the remaining coins were transferred to the address “1Jbez," identified as Mt. Gox's cold wallet by Arkham. The defunct exchange still holds over 46,000 $BTC.
The Mt. Gox creditor reimbursements have been a significant source of downward pressure on $BTC's price this summer.
That said, the latest batch of on-chain movement may not translate into substantial selling pressure, according to Alex Thorn, head of research at Galaxy Digital.
"We now think that of the 13,265 $BTC moved in this tx, only 1,265 ($74.5 million) is meant to distro, w/ 12,000 going to estate fresh cold storage so, very small," Thorn said on X.
$BTC has held largely steady above $59,000 in the wake of the fresh movement of coins by Mt. Gox, CoinDesk data show.