Mt. Gox Wallets Are Seeing Movement: 13 Thousand Bitcoins Moved! How Much Will Be Sold? What Will Be Its Impact on BTC Price?

According to Arkham data, bankrupt cryptocurrency exchange Mt. Gox moved 13,265 Bitcoin on-chain.

Accordingly, an address connected to the bankrupt exchange Mt.Gox moved 13,265 BTC worth $784 million, and 12,000 BTC of them went to an address identified as ” 1PuQB “.

Of these, 12,000.17 BTC (worth $709.44 million) appear to have been transferred to a Bitstamp address, on-chain data platform Lookonchain noted.

Mt. Gox transferred 12,000.17 $BTC($709.44M) again 4 hours ago, most likely to #Bitstamp.

In July, #MtGox transferred 95,523 $BTC($6.14B) to #BitGo, #Bitstamp, #Kraken, #SBIVCTrade and #Bitbank for repayment.

And #MtGox still holds 46,164 $BTC($2.74B). pic.twitter.com/OQtxWtwlg4

— Lookonchain (@lookonchain) August 21, 2024

While Mt. Gox still has over 46,000 BTC worth around $2.7 billion in its possession, in July, Mt. Gox transferred 95,523 BTC (worth $6.14 billion) to various exchanges, including BitGo, Bitstamp, Kraken, SBI VC Trade, and Bitbank, as part of a refund process.

While concerns that the selling pressure from Mt. Gox may re-emerge in the Bitcoin price after the last transfer have revived in the market, according to Alex Thorn, Head of Research at Galaxy Digital, the recent on-chain movements may not turn into significant selling pressure.

“We currently believe that of the 13,265 BTC moved in this transaction, only 1,265 (worth $74.5 million) are for distribution and sale, with 12,000 going into fresh cold storage, meaning a very small amount can be sold,” Thorn said in a statement on X.

This latest transfer marked Mt. Gox’s first major Bitcoin transaction since July 30, while Bitcoin did not show any significant reaction and remained largely steady above $59,000.

*This is not investment advice.