Mt. Gox Transfers $2.8 Billion Bitcoin To A New Address, Arkham Says

Updated: 23 July 2024

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A wallet belonging to defunct crypto exchange Mt. Gox moved approximately 42,587.49 Bitcoin (BTC) worth about $2.82 billion to a new address at around 5:00 a.m. UTC today.

On-chain data from Arkham Intelligence shows that Mt. Gox also moved 5,110.16 BTC to its cold storage address ending with “1Jbez” during the same time as the $2.82 billion transaction.

Mt. Gox BTC Repayments On Bitstamp Are Imminent

The recent movements by the Mt. Gox-labeled wallets seem to be part of the ongoing repayment of $9 billion worth of BTC to creditors. At 6:30 a.m. UTC, the exchange transferred 2,238.87 BTC valued at approximately $150 million to Bitstamp.

Earlier this month, Bitstamp said that it would distribute the tokens to creditors as soon as they were sent to the platform. With the recent transfer from the Mt. Gox trustee, the distribution of the BTC is imminent.

Bracing for a potential selloff, investors have decreased their portfolios’ exposure to BTC. This is evident in the over 1% price drop the flagship crypto registered in the last 24 hours. Following this slight retracement, BTC traded at $66,500.97 as of 3:35 a.m. EST. Its weekly performance remained in the green by more than 5%.

Kraken, another exchanges selected by the Mt Gox trustee, received its share of the repayments last week. Meanwhile, Japanese exchanges Bitbank and SBI VC Trade have already received their portion of the BTC. These platforms seemingly distributed the allocated funds within hours after receiving them.

BTC Still On Track To Visit Its All-Time High

Despite a potential selloff by the remaining Mt. Gox creditor, renowned trader and analyst Michael van de Poppe believes BTC is on track to revisit its all-time high (ATH) soon.

“Bitcoin is back in the range and provides a lot of strength,” he said in a July 22 X post.

#Bitcoin is back in the range and provides a lot of strength.

Crucial areas to hold:
– $65K
– $61.5-62.5K (pretty much range low).

If that's going to happen this week, then we should be good for continuation toward the ATH. pic.twitter.com/NVxj3U3hsf

— Michaël van de Poppe (@CryptoMichNL) July 22, 2024

He also noted that $65K and between $61.5K to $62.5K are technical supports that will need to hold this week. If BTC maintains a position above these price points, then the crypto “should be good for continuation towards the ATH,” he said.