Bitcoin

Arkham

Update July 5, 5:41am UTC: This article has been updated to include data concerning the subsequent transfers to Bitbank.
The collapsed Japanese crypto exchange Mt. Gox has transferred 47,229 Bitcoin — worth $2.71 billion at current prices — to a new wallet address in its first major transaction since May.
<a href="https://platform.arkhamintelligence.com/explorer/address/1L7XbxQSLQX2fkf8MiJNp4ok8TSD5J6onk" target="_blank" rel="noopener nofollow">According</a> to blockchain analytics platform Arkham Intelligence, the exchange transferred the Bitcoin at 12:30 am UTC on July 5 from “cold storage.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/cda9abc1-8ce7-4e09-8004-d57d347b36dc.png" alt="" title="">
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 Mt. Gox has made several smaller test transactions in recent months. Source: Arkham Intelligence
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The movement comes amid the exchange’s scheduled plan to repay creditors in July. A total of $8.5 billion worth of Bitcoin is <a href="https://cointelegraph.com/news/mt-gox-bitcoin-transfer-9-6b-creditor-repayment-2024">slated to be paid back</a> to creditors.&nbsp;
At 4:15 am UTC on July 5, Mt. Gox <a href="https://platform.arkhamintelligence.com/explorer/address/1PKGGMh5cGYMMJq32aVY8gfCzsmUiszwzV" target="_blank" rel="noopener nofollow">moved</a>&nbsp;1,545 BTC to the hot wallet of an exchange called Bitbank, one of the crypto exchanges supporting the repayment process.&nbsp;
Mt. Gox informed creditors that it had completed all the necessary steps to start begin issuing repayments in July, <a href="https://www.mtgox.com/img/pdf/20240624_announcement_en.pdf" target="_blank" rel="noopener nofollow">according</a> to a June 24 statement from Mt. Gox trustee Nobuaki Kobayashi.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/c8588eb8-8494-4026-b0e5-cc2c081db357.png" alt="" title="">
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 Mt. Gox trustee Nobuaki Kobayashi said creditor repayments would commence in July. Source: Nobuaki Kobayashi
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Several market commentators <a href="https://cointelegraph.com/learn/the-mt-gox-bitcoin-heist">voiced concerns over the sheer volume</a> of Bitcoin that could hit the market following Mt. Gox creditors selling their holdings, which have been inaccessible for more than 10 years. 
However, other analysts <a href="https://cointelegraph.com/news/mt-gox-bitcoin-dump-fear-concern-overblown-analysts#:~:text=at%20the%20time.-,Mt.,much%20of%20the%20supposed%20Mt.">worked to allay fears</a> of a massive sell-off, saying the total amount of Bitcoin that stands to be “dumped” on the market is probably closer to a value of around $4.5 billion. 
Related:&nbsp;<a href="https://cointelegraph.com/news/german-mp-urge-government-stop-selling-bitcoin">German MP urges government to stop ‘hasty’ Bitcoin sell-off</a>
Galaxy Digital’s head of research, Alex Thorn, suggested that many Mt. Gox Bitcoin holders might be more “diamond-handed" than anticipated. He highlighted the potential adverse impact of capital gains taxes for those who wished to sell all their BTC at once.
On May 28, Mt. Gox transferred nearly $7.3 billion worth of Bitcoin to another unknown wallet address, and the price of Bitcoin dipped as much as 2% afterward.
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 Bitcoin is down 6.9% in the last week. Source: TradingView
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The <a href="https://cointelegraph.com/news/bitcoin-price-falls-below-58k-first-time-two-months">price of Bitcoin fell sharply</a> on July 4 before tumbling lower in the following hours. It is currently changing hands for $57,226, per TradingView <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="noopener nofollow">data</a>. 
The price of Bitcoin is down 6.9% on the week but has posted year-to-date gains of 35.6%. 
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/runes-supporters-unlock-bitcoins-potential/">68% of Runes are in the red — Are they really an upgrade for Bitcoin?</a>

Mt. Gox moves $2.7B in Bitcoin to new wallet address

Cointelegraph

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