YEREVAN (CoinChapter.com) — Defunct crypto exchange Mt. Gox made headlines again by transferring a significant amount of Bitcoin. On July 24, the exchange moved 37,477 BTC, worth $2.5 billion, to an unknown wallet.
Mt. Gox Transfers $2.5 Billion in BTC to New Wallets
According to blockchain analytics platform Arkham Intelligence, the transfer occurred at 4:53 am UTC. Out of the total amount moved, 5,106 BTC were sent to a separate cold wallet owned by Mt. Gox. The remaining Bitcoin remains in the new, unidentified wallet.
This move follows a recent transfer on July 22, when the firm shifted $2.8 billion in BTC to several wallets. Notably, $340 million of this was sent to four wallets associated with the crypto exchange Bitstamp.
Mt. Gox Repayments: 40% of BTC Returned, $5.6 Billion Still Pending
Bitstamp works with the the company trustee to return funds to creditors. So far, they have distributed just over 40% of the Bitcoin owed to creditors. This leaves around $5.6 billion, or 60%, still to be returned.
CryptoQuant data indicates that Mt. Gox owes around $9 billion in Bitcoin to approximately 127,000 creditors. These creditors have been waiting for over a decade to recover their funds after the exchange collapsed in 2014.
Market Reactions to Bitcoin Movements: Analysts Weigh In
The news of the firm’s Bitcoin movements has sparked various reactions in the market. Some fear a potential mass sell-off event, but several analysts believe these fears are overstated.
For example, Galaxy Digital’s head of research, Alex Thorne, notes that over half of the Bitcoin repaid to creditors is owed to various funds. Consequently, this Bitcoin is unlikely to hit the spot market directly. Additionally, Thorne mentions that individual creditors might not sell their Bitcoin immediately, suggesting many might hold onto their assets.
Moreover, other market commentators share their views. They believe the potential impact of the company on Bitcoin has already been factored into the market. Therefore, they argue that the worst of Bitcoin’s price action is behind us.
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