Mt. Gox Moves $2.8 Billion Worth of BTC, Bitcoin Back Below $63K

Bitcoin (BTC) is facing fresh selling pressure after blockchain data showed that defunct exchange Mt. Gox began moving cryptocurrencies internally to repay creditors.

The leading cryptocurrency by market value fell 3% after testing $65,000 during early Asian trading hours and briefly dropped below $63,000.

The drop occurred when the wallet associated with Mt. Gox initially moved 0.021 BTC ($1,000) to the blockchain address (1EoZd1QNCiN9JbnsqvLRDbHKLygAsXHg3V). The move, which was a test transfer, was followed by a significant transfer of 44,527 BTC ($2.84 billion) to an internal wallet, according to data tracked by Arkham Intelligence.

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Mt. Gox, once the world’s largest bitcoin exchange, went bankrupt in 2014 after losing hundreds of thousands of bitcoins in a hack years ago. The exchange began repaying its debt on July 4, and the market worried that creditors who had been waiting a decade for repayment would sell en masse.

Bitcoin’s decline also weighed on the broader market, with ether, the second-largest digital asset by market cap, down more than 2.5% to $3,400. The CoinDesk 20 Index (CD20) fell more than 2% to 2,182.