The now defunct cryptocurrency exchange Mt. Gox transferred over $2 billion worth of bitcoin to a new address on Tuesday, according to data from Arkham Intelligence. At precisely 7:28 p.m. ET, Mt. Gox moved 33,105 bitcoins, valued at approximately $2.19 billion, to an address starting with “bc1q26.” The ownership of this new address remains unidentified.
This transaction follows a series of substantial transfers made by Mt. Gox to various designated crypto exchanges, including Bitbank, Kraken, Bitstamp, and SBI VC Trade, in recent weeks. Bitstamp, for instance, announced last week that it would begin distributing assets to Mt. Gox creditors starting July 25.
In a statement dated July 24, the Mt. Gox trustee confirmed that repayments in bitcoin and bitcoin cash had been made to certain creditors through the aforementioned exchanges on July 5, 16, and 24. The trustee also reported that over 17,000 creditors had received repayments as of July 24.
Despite these distributions, wallets associated with Mt. Gox still hold about $5.29 billion worth of bitcoin, as per Arkham data. The immediate impact of these distributions on the market remains uncertain. Although some sell-side pressure from recipients is anticipated due to the substantial price increase of bitcoin over the past decade, a recent report from Glassnode suggests that many creditors are long-term investors or holders. This holding pattern may help mitigate potential sell-side pressure in the coming weeks.
