Mt. Gox moves 96.39k Bitcoin to unmarked addresses, fueling selloff concerns

Addresses linked to bankrupt exchange Mt. Gox recently moved 96,396 Bitcoin (BTC) worth over $6 billion to three unmarked wallets, raising concerns of a sell-off amid ongoing creditor payments.

Data from market analytics resource Arkham Intelligence shows that these trades occurred within a two-hour time frame.

Notably, the latest series of transactions began with a transfer of 0.021 BTC to an unknown address after three weeks of continuous inactivity. This transaction was likely a test run in preparation for the moves.

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

A few minutes later, Mt. Gox sent another 47,229 Bitcoin worth around $3 billion to another unknown address. This whale transaction was followed by a subsequent transfer involving 48,641 BTC to a third unknown address, bringing the total number of tokens moved across the three unknown wallets to 96,396 BTC.

Notably, despite renewed sell-off concerns, these assets remain in buyer wallets at reporting time. The latest moves come just days after the German government dumped its Bitcoin holdings following weeks of sustained sell-offs, a trend that contributed to the recent market decline.

Bitcoin eventually fell to a five-month low of $53,485 on July 5. However, the crypto asset has since rebounded from that base following the end of the German government’s sell-off campaign. While BTC is currently up nearly 18% from its July 5 low, the market remains wary of potential sell-offs from Mt. Gox creditors.

Recall that last month, the bankrupt exchange announced plans to begin repayments in July. After years of waiting, some creditors confirmed that they had started receiving Bitcoin and Bitcoin Cash (BCH) tokens on July 5. The latest moves are likely another effort to distribute funds to creditors. Mt Gox still holds 138.9 BTC worth $8.7 billion.