Mt. Gox Transfers $2.2 Billion in BTC to New Address Amid Bitcoin Price Pullback

Tuesday, Mt. Gox appears to have recently transferred more than $2 billion to a new address. Arkham Intelligence data indicates that Mt. Gox moved 33,105 BTC, worth about $2.19 billion, to an address starting with “bc1q26”.

However, the owner of this address remains unidentified.

Distribution of Mt. enjoy

The latest transaction follows previous transfers of billions of dollars worth of bitcoins to designated crypto exchanges such as Bitbank, Kraken, Bitstamp and SBI VC Trade in recent weeks. Arkham’s data shows that portfolios linked to Mt. Gox still hold about $5.29 billion.

Last week, Bitstamp revealed that it would begin distributing assets to creditors of Mt. enjoy Meanwhile, Kraken reported that it had “successfully distributed” BTC and Bitcoin Cash (BCH) to customers affected by the hack that led to the collapse of the former Japanese stock exchange a decade ago.

Most recently, the trustee of Mt. Gox released a statement announcing that refunds in BTC and BCH were made to specific creditors via designated crypto exchanges on July 5, 16, and 24. The trustee also noted that more than 17,000 creditors had received repayments as of July 24.

Mt. Gox was once the world’s largest crypto exchange, handling more than 70% of all bitcoin transactions globally. It declared bankruptcy in February 2014 after the theft of 850,000 BTC by hackers. Subsequently, a rehabilitation proposal was approved in 2021 that promised to return approximately 90% of the assets owed to affected customers.

Long-term holders mitigate selling pressure

Glassnode’s findings indicate that while the long-awaited distribution of Mt. Gox marks a major victory for creditors who fought hard to be repaid in bitcoins rather than fiat currency, the substantial rise in price over the past decade suggests there is some selling pressure from recipients. inevitable

However, the blockchain intelligence platform noted that the creditor profile is tilted towards long-term investors, which may mitigate selling pressure in the coming weeks.

In addition, the balance sheet of long-term holders continues to grow and their share of network wealth remains high compared to previous market peaks. This indicates that the dominant market behavior has shifted towards HODLing, with experienced investors holding their coins in anticipation of higher prices.

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