Mt. Gox Moves 500 BTC as Bitcoin Price Tests $69,000 Support

Bitcoin (BTC) fell to $69,000, a price level now being tested as support. Meanwhile, bankrupt digital asset trading platform Mt. Gox has begun sending BTC to unmarked wallets, leading to rumors of another round of repayments.

Analyst EmberCN noted on X that Mt. Gox transferred 500 BTC, worth around $35 million, to unmarked wallets on November 1st. Data from Arkham Intelligence confirmed that the bankrupt Bitcoin exchange still holds 44,905 BTC, worth about $3.1 billion, which may be released into the market soon.

Mt. Gox made two separate transactions of 31.78 BTC and 468.24 BTC to two unmarked wallets. This is the first major on-chain movement made by the defunct exchange in about a month.

After a series of transactions that ended in July, Mt. Gox transferred 12,000 BTC on August 20th to an empty address, followed by 1,265 BTC to another address. Mt. Gox appears to be preparing to move its funds and begin the repayment process again, although the final repayment date has been moved to October 31st, 2025.

Bitcoin’s Price Fluctuation

Bitcoin had almost reached its all-time high of $73,750 on October 30, hitting a monthly high of $73,577.21. However, traders took profit, and the price fell 4.01% to $69,385.79 in the past 24 hours.

Read also: Mt. Gox Pushes Back Repayment Deadline by One Year

However, the market leader is still up 2.72% in the last seven days and is just 5.98% off from its all-time high. Bitcoin has skyrocketed a massive 12.45% in the past month followed by a 101.40% surge since October 2023.