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On Wednesday, Bitcoin’s price dipped below $66,000 as news surfaced of another multi-billion dollar BTC transfer from defunct crypto exchange Mt. Gox .
On Tuesday, July 30, the <a href="https://crypto.news/tag/mt-gox/" target="_blank" rel="noopener noreferrer nofollow">Mt. Gox</a> estate moved another batch of nearly 34,000 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) — worth around $2.25 billion at current prices — to a new wallet, indicating that the exchange might be actively repaying its creditors after it shut down in 2014.
Per <a href="https://platform.arkhamintelligence.com/explorer/tx/58ca75195a928c7bbe5aa28421fccf7ddc6cdbeb0cda53c6b3a7bdc3ba91c0ed" target="_blank" rel="noopener noreferrer nofollow">data</a> from Arkham Intelligence, Mt. Gox moved 33,963 BTC to a fresh wallet where the funds are still sitting as of press time. It’s unclear whether the defunct crypto exchange moved the more than $2 billion worth of BTC to a crypto exchange or just reallocated the funds within its own wallets.
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 <img fetchpriority="high" decoding="async" width="1856" height="1086" src="https://crypto.news/app/uploads/2024/07/BTCUSDT_2024-07-31_11-22-51.png" alt="Bitcoin drops below $66k as Mt. Gox moves $2b - 1"> 
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 BTC 1-hour price chart, July 26-31 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">crypto.news</a>
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Amid the transfer, the price of Bitcoin dropped briefly down to $65,400 before bouncing back above the $66,000 level. As of press time, BTC is trading just above the $66,000 mark, down 5.37% from July 29, when it <a href="https://crypto.news/bitcoin-breaks-70k-after-trumps-nashville-remarks/" target="_blank" rel="noopener noreferrer nofollow">reached $70,000</a>, according to data from crypto.news.
<h2 class="wp-block-heading" id="bitcoin-s-price-reactions-to-mt-gox-moves">Bitcoin’s price reactions to Mt. Gox moves</h2>
It remains to be seen how these recent transfers will impact Bitcoin’s price compared to, for example, the extended sell-off of confiscated BTC by the German government in early July, which <a href="https://crypto.news/is-germany-done-transferring-their-bitcoin/" data-type="post" data-id="14284592" target="_blank" rel="noopener noreferrer nofollow">spooked</a> speculators and <a href="https://crypto.news/mt-gox-and-the-german-government-sunk-the-crypto-market/" target="_blank" rel="noopener noreferrer nofollow">drove</a> the BTC price down below $55,000.
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However, preliminary indicators suggest limited sell-side pressure. Glassnode’s July 29 <a href="https://insights.glassnode.com/the-week-onchain-week-31-2024/" target="_blank" rel="noopener noreferrer nofollow">report</a> reveals that out of the 142,000 BTC recovered from the Mt. Gox hack, approximately 59,000 BTC have already been <a href="https://crypto.news/more-than-10-years-since-the-collapse-of-mt-gox-users-confirm-reimbursements/" target="_blank" rel="noopener noreferrer nofollow">distributed</a> to creditors via major exchanges <a href="https://crypto.news/kraken-confirms-receiving-mt-gox-creditor-bitcoin/" data-type="post" data-id="14285062" target="_blank" rel="noopener noreferrer nofollow">Kraken</a> and <a href="https://crypto.news/bitstamp-to-distribute-mt-gox-bitcoin-by-july-25/" data-type="post" data-id="14286985" target="_blank" rel="noopener noreferrer nofollow">Bitstamp</a>. The report highlights that despite these significant movements, Bitcoin’s price has remained above the $60,000 mark, suggesting a relatively contained market impact.
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 <img decoding="async" width="2000" height="1152" src="https://crypto.news/app/uploads/2024/07/glassnodd.png" alt="Bitcoin drops below $66k as Mt. Gox moves $2b - 2"> 
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 BTC: Realized Cap HODL Waves, 2015-2024. Source: <a href="https://insights.glassnode.com/the-week-onchain-week-31-2024/" target="_blank" rel="noopener noreferrer nofollow">Glassnode</a>
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As a result, the proportion of Bitcoin held by new investors has declined, Glassnode notes, adding that long-term holders now control about 45% of the network’s wealth. This indicates a shift in investor behavior toward holding rather than selling. Nonetheless, Mt. Gox still holds over $5.3 billion worth of BTC in its wallets, according to <a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank" rel="noopener noreferrer nofollow">data</a> from Arkham Intelligence, suggesting that the distribution of these funds could extend over weeks or even months.
Read more: <a href="https://crypto.news/mt-gox-is-a-thorn-in-bitcoins-side-analyst-says/" rel="noopener noreferrer nofollow"> Mt. Gox is a ‘thorn in Bitcoin’s side,’ analyst says </a>

Bitcoin drops below $66k as Mt. Gox moves $2b

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