Addresses affiliated with bankrupt exchange Mt. Gox recently moved 96,396 Bitcoin (BTC) worth over $6 billion to three unmarked wallets, fueling selloff concerns amid the ongoing creditor repayments.
Data from market analytics resource Arkham Intelligence suggests that these transactions occurred over a two-hour timeframe.
Notably, the latest slew of transactions began with a 0.021 BTC transfer to an unknown address after three weeks of sustained inactivity. This transaction was likely a test run in preparation for the movements.
After the test transfer, the Mt. Gox address then moved 44,000 BTC along with 526 BTC valued at $2.84 billion to two different addresses at 06:39 UTC today. While the 44,000 BTC moved to a Mt. Gox cold wallet, the 526 BTC was transferred to an unidentified address.
A few minutes later, Mt. Gox sent another 47,229 Bitcoin worth nearly $3 billion to a different unknown address. This whale transaction was followed by a subsequent transfer involving 48,641 BTC to a third unidentified address, bringing the total tokens moved to 96,396 BTC across three unknown wallets.
Notably, despite the renewed selloff concerns, these assets are sitting in the recipient wallets at the reporting time. The recent movements come days after the German government emptied its Bitcoin stash following weeks of sustained selloffs, a trend that contributed to the latest market downturn.
Bitcoin eventually slumped to a five-month low of $53,485 on July 5. However, the crypto asset has since recovered from this floor following the end of the German government’s selloff campaign. With BTC now up nearly 18% from the July 5 low, the market remains wary of potential selloffs from Mt. Gox creditors.
Recall that last month, the defunct exchange announced plans to begin repayments in July. After years of waiting, some creditors confirmed on July 5 that they had begun receiving their Bitcoin and Bitcoin Cash (BCH) tokens. The recent movements are likely another effort toward disbursing funds to creditors. Mt. Gox still holds 138.9 BTC worth $8.7 billion.
