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<a href="https://www.newsbtc.com/news/bitcoin/mt-gox-142000-btc-bitcoin-cash/">Mt. Gox</a>, a bankrupt Bitcoin exchange based in Shibuya, Tokyo, Japan, has executed a large-scale Bitcoin transfer to several unknown wallets. This move has effectively spooked the broader cryptocurrency market, sparking concerns about potential <a href="https://www.newsbtc.com/bitcoin-news/expert-calms-mt-gox-bitcoin-liquidation-worries/">selling pressures</a>.&nbsp; 
<h2 id="mt-gox-transfers-over-2-9-billion-worth-of-bitcoin">Mt Gox Transfers Over $2.9 Billion Worth Of Bitcoin</h2> 
On May 27, Blockchain analytics platform, Arkham Intelligence <a href="https://platform.arkhamintelligence.com/explorer/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6" rel="nofollow">unveiled</a> a massive Bitcoin transaction initiated by Mt. Gox. The bankrupt Bitcoin exchange transferred a whopping 42,830 BTC valued at $2.9 billion, into several unknown wallets, marking the first transfer in five years.&nbsp; 
The reason for this transfer remains unclear, however, the transaction comes after Mt. Gox’s recent announcement of reorganization plans to <a href="https://bitcoinist.com/mt-gox-users-receive-btc-bitcoin-cash-payments/" rel="nofollow">compensate its creditors</a> and customers who were victims of its <a href="https://bitcoinist.com/doj-takes-down-mt-gox-hackers-for-crypto-theft/" rel="nofollow">hack attack </a>and bankruptcy in February 2014. 
Furthermore, these large-scale transactions have unsettled the crypto market, with many speculating about the potential impact on Bitcoin’s value. One crypto member <a href="https://x.com/papongpapong1/status/1795315597196382266?s=46" rel="nofollow">disclosed </a>that it might be time to dump BTC, suggesting that a potential sell-off could <a href="https://www.newsbtc.com/bitcoin-news/mt-gox-repayment-rumors-cause-bitcoin-price-to-drop-to-42000-market-in-turmoil/">significantly impact the market</a>.&nbsp; 
With <a href="https://bitcoinist.com/bitcoin-below-68000-reports-of-mt-gox-payouts/" rel="nofollow">Bitcoin already falling</a> by 4.41% over the week, and trading below $70,000 at $67,834, a sell-off could trigger more price decreases for the cryptocurrency.&nbsp; 
<h2 id="mt-gox-goes-on-btc-transfer-spree">Mt. Gox Goes On BTC Transfer Spree</h2> 
Following its 42,830 Bitcoin transfer, Blockchain tracker and analytics platform, Whale Alert revealed that <a href="https://bitcoinist.com/bitcoin-repayment-deadline-mt-gox-trustee/" rel="nofollow">Mt. Gox </a>had executed a series of transactions on the same day. With just a few hours between each transaction, Mt. Gox initiated over five <a href="https://bitcoinist.com/us-government-move-nearly-1-billion-bitcoin/" rel="nofollow">large-scale Bitcoin transfers</a>. 
The first two transfers <a href="https://x.com/crypto_crib_/status/1795323983463944211?s=46" rel="nofollow">discovered</a> by Whale Alert involved 3,999 BTC and 8,239 BTC worth approximately $277.6 million and $565 million respectively. The subsequent transactions saw Mt. Gox transferring 14,057 BTC and 16,589 BTC, valued at about $966.3 million and $1.1 billion, respectively.&nbsp; 
Mt. Gox’s largest transaction was a staggering 34,138 BTC valued at $2.3 billion, sent to an unknown wallet. The Bitcoin exchange also <a href="https://x.com/whale_alert/status/1795316298638876981?s=46" rel="nofollow">transferred</a> another massive 32,137 BTC and 32,499 BTC, valued at approximately $2.1 billion and $2.2 billion respectively.&nbsp; 
In total, Mt. Gox moved over 141,659 BTC worth more than $9.6 billion in a single day to several unidentified wallet addresses.&nbsp; 
Mike Deutscher, a crypto analyst and avid Decentralized Finance (DeFi) supporter, has <a href="https://x.com/milesdeutscher/status/1795343589678907416?s=46" rel="nofollow">noted</a> that such a significant Bitcoin transaction was likely to <a href="https://bitcoinist.com/bitcoin-repayments-from-mt-gox-begin/" rel="nofollow">induce selling pressures</a> in the Bitcoin market. He emphasized that any <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-halving-a-tale-of-2-emotions-will-fomo-or-fud-rule-the-market/">Fear, Uncertainty and Doubt (FUD)</a> related to Mt. Gox’s transfers should be viewed as a prime opportunity to accumulate more Bitcoin.&nbsp; 
Additionally, Deutscher reassured community members, stating that he was not concerned about the possible impacts of Mt. Gox’s large-scale transactions on the market. He pointed to the Bitcoin exchange’s disclosure of its <a href="https://bitcoinist.com/200000-bitcoin-mt-gox-confirms-repayments/" rel="nofollow">200,000 Bitcoin reimbursement plans</a> to creditors since January 2024 as grounds for his confidence.&nbsp; 
Another crypto member, Mark Karpeles, also alleviated the community’s fears about Mt. Gox’s Bitcoin transfers.&nbsp;“As far as I know everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year; there is no imminent sale of bitcoins happening,” Karpeles <a href="https://x.com/magicaltux/status/1795384525503222021?s=46" rel="nofollow">stated</a>.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/Sz7081sF/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

$2.9 Billion In Mt. Gox Bitcoin On The Move For The First Time In 5 Years, Where Is It Headed?

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