Coinspeaker
Mt. Gox Moves 33K BTC in Repayments: Is Bitcoin Selloff Ahead?
Within a 24-hour period, a Mt. Gox address moved a staggering 33,100 Bitcoin, which has prompted speculations of a possible BTC sell-off on the crypto horizon. This development comes on the heels of a massive $2 billion worth of Bitcoin moved from the Mt. Gox wallet.
According to PeckShieldAlert, the latest transfer of 33,100 BTC also moved 117 Bitcoin valued at $7 million to the crypto exchange OKX. All these occurred within the last 24 hours. Per PeckShieldAlert, the Mt. Gox-labeled addresses made these transactions to a new address labeled “bc1qpn…7k53.”
#PeckShieldAlert #Mt.Gox-labeled address transferred 33.1K $BTC out, including 33,023 $BTC (worth ~$2B) to a new address bc1qpn…7k53 & 117 $BTC (worth ~$7m) to #OKX within the last 24 hours pic.twitter.com/8rRac2Z3mf
— PeckShieldAlert (@PeckShieldAlert) August 14, 2024
First, the earlier $2 billion transfer was sent to the crypto exchange BitGo. However, this happened as part of creditors’ Bitcoin and Bitcoin Cash payments. Meanwhile, data show that Mt. Gox’s recent distribution of funds has gained momentum, with approximately 70% of the transactions completed.
Additionally, about 17,000 creditors have received over $3.2 billion of Bitcoin in recent market transactions. Given recent market volatility, Mt. Gox’s activities remain interesting to stakeholders in the crypto ecosystem.
Notably, the massive Bitcoin transaction has got many investors concerned as to the likelihood of another major sell-off. According to CryptoQuant, when there is an uptick in activity of long-dormant Bitcoin holdings, it has an effect on price. First, this causes fluctuations in the market and secondly, triggers selling pressure in the market.
Sentiment Amidst Market Volatility
The massive sell-off by the German government in July triggered huge selling pressure and a dip in Bitcoin price as the coin flooded the market. Although the substantial offload of Bitcoin by the German authorities drew criticism from different stakeholders, the impact on the broader cryptocurrency space has lingered for more than one month after.
Understandably, investors monitor market trends to determine what course of action to take amid these asset movements. According to Coinmarketcap data, Bitcoin currently trades at $61,285.79, which represents a 4.14% increase over the past 24 hours. This uptick is evident that the Mt Gox activities has not triggered a negative reaction in the market as of writing.
Meanwhile, investors remain cautious due to signs from the US Producer Price Index (PPI), which indicates that the average change over time in selling prices has slowed down as pricing power drops. Additionally, the rate at which institutional investors demand digital assets has witnessed a surge with significant inflows to both Bitcoin and Ethereum ETFs. Analysts say the coming days will determine the impact of these transactions.
Mt. Gox Moves 33K BTC in Repayments: Is Bitcoin Selloff Ahead?
