Bitcoin Cash

Bitcoin

Million

Arkham

Billion

<ul>
 <li>Bitcoin dipped 6.65% after Mt. Gox transfers but recovered 1.91%, trading at $66,250.</li>  
 <li>Mt. Gox redistributed $2 billion in BTC, leaving 80,128 BTC in its wallet.</li>  
 <li>A Bitcoin whale withdrew 5,800 BTC worth $387.88 million from Binance over two days.</li> 
</ul>  
On-chain data reveals significant activity in the Bitcoin market, with Arkham Intelligence identifying a <a href="https://x.com/ArkhamIntel/status/1817962145985724629" target="_blank" rel="noopener noreferrer nofollow">$2 billion Bitcoin transfer</a> by the defunct Mt. Gox crypto exchange to a new wallet. Lookonchain, a crypto analysis platform, also noted massive BTC withdrawals from Binance.  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/lookonchain/status/1818529334208131158
 </div>
</figure>  
Mt. Gox Redistributes $2 Billion in Bitcoin  
According to reports, the $2 billion transfer is part of the Bitcoins Mt. Gox planned to redistribute to creditors affected by the 2014 hack. This leaves the collapsed exchange’s wallet with a <a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank" rel="noopener noreferrer nofollow">balance of 80,128 BTC</a>, equivalent to approximately $5.32 billion.  
Market sentiment suggests that the <a href="https://cryptonewsland.com/mt-gox-prepares-final-transfer-of-80-5k-btc-amid-market-volatility/" target="_blank" rel="noopener noreferrer nofollow">Mt. Gox BTC redistribution</a> could cause Bitcoin’s price to dip. Many beneficiaries may sell their coins upon receipt, leading to potential market instability.  
Significant Whale Activity on Binance  
Lookonchain’s post on X shows a Bitcoin whale withdrew 1,300 BTC worth $85.56 million from Binance early on Wednesday, July 31, 2024. This follows a series of transactions by the same whale, who removed 5,800 BTC, equivalent to $387.88 million, in the past two days.  
Such large withdrawals typically indicate Bitcoin accumulation. Significant BTC holders often anticipate a market rally and move their coins from centralized exchanges like Binance to more secure platforms for long-term storage.  
Market Reactions and Bitcoin’s Future  
The Bitcoin community has mixed feelings about these transactions. The Mt. Gox BTC redistribution raises concerns about a potential price dip. However, whale withdrawals suggest confidence in a market rally.  
Bitcoin’s price fluctuated following these developments, initially dipping 6.65% after the Mt. Gox transfer but rebounding 1.91% to $66,250.  
These events underscore significant movements in the Bitcoin market. While the Mt. Gox redistribution may cause a price dip, whale activity indicates the potential for a rally.&nbsp;  
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4>  
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/3-2b-bitcoin-withdrawn-from-mt-gox-in-two-hours/" rel="noopener noreferrer nofollow">Mt. Gox Sparks Market Frenzy with $3.2B Bitcoin Withdrawal in Two Hours</a></li>  
 <li><a href="https://cryptonewsland.com/mt-gox-creditors-finally-receive-bitcoin-payouts/" rel="noopener noreferrer nofollow">Mt. Gox Creditors Finally Receive Bitcoin Payouts After a Decade-Long Legal Battle</a></li>  
 <li><a href="https://cryptonewsland.com/the-complete-guide-to-mt-goxs-bitcoin/" rel="noopener noreferrer nofollow">The Complete Guide to Mt. Gox's Bitcoin Repayment Process</a></li>  
 <li><a href="https://cryptonewsland.com/fud-strikes-again-as-mt-gox-moves-44527-btc-worth-2-54-billion-can-bullish-sentiment-hold-strong/" rel="noopener noreferrer nofollow">FUD Strikes Again as Mt. Gox Moves 44,527 BTC Worth $2.54 Billion, Can Bullish Sentiment Hold Strong?</a></li>  
 <li><a href="https://cryptonewsland.com/mt-gox-begins-repayment-to-creditors-distributing-bitcoin-and-bitcoin-cash/" rel="noopener noreferrer nofollow">Mt. Gox Begins Repayment to Creditors Distributing Bitcoin and Bitcoin Cash</a></li> 
</ul> 
The post <a href="https://cryptonewsland.com/bitcoin-whale-withdraws-387-million-amid-mt-gox-btc-distribution/" rel="noopener noreferrer nofollow">Bitcoin Whale Withdraws $387 Million Amid Mt. Gox BTC Distribution</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Bitcoin Whale Withdraws $387 Million Amid Mt. Gox BTC Distribution

Crypto News Land

Other articles published on Jul 31, 2024

Vice President Harris's Potential Crypto Stance Draws Speculation

Just-In: Worldcoin Expands World ID Verification To Austria

New ICO Clandeno (CLD) Launches but is PayPal Behind it? Binance Coin (BNB) & NEAR Protocol Price...

Japanese crypto exchange Bitbank eyes IPO on Tokyo Stock Exchange

Fidelity Investments Floats Physically-Backed Bitcoin ETPs on LSE

Elon Musk Says Yes to Fighting Nicolás Maduro

Join our free newsletter for daily crypto updates!