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Bitcoin Nears $66K as Mt. Gox Moves $130M to Bitstamp

The defunct crypto exchange shuffled over $2.5 billion between wallets, some of which was sent to crypto exchange Bitstamp.

By Shaurya Malwa|Edited by Sheldon Reback

Updated Jul 23, 2024, 7:32 a.m. Published Jul 23, 2024, 7:30 a.m.

Mt. Gox creditor Kolin Burges confronts Former Mt. Gox CEO Mark Karpeles (CoinDesk)

Bitcoin

traded near $66,000 as defunct exchange Mt. Gox started to move its latest tranche of the asset to crypto exchange Bitstamp, which has previously led to sell-offs in the broader crypto market.

Arkham data shows Mt. Gox transferred over $2.85 billion worth of BTC to a new wallet in the early Asian morning hours on Tuesday. It then sent over 5,000 BTC, worth $340 million at current prices to one wallet, and another 37,000 BTC, worth $2.5 billion, to another new wallet.

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Some $130 million worth of BTC from the 5,000 BTC walletwas then transferred to Bitstamp, data shows. Moving to exchanges usually signals an intention to sell holdings.

The movements come a day after Mt. Gox moved small amounts to BTC to Bitstamp, likely as a test transaction.

In early July, Mt. Gox began repaying creditors affected by a 2014 hack. Over $9 billion worth of BTC and $73 million of bitcoin cash

BCH$395.99

will be distributed to traders in the coming months.

Bitcoin dropped below $67,000 earlier Tuesday as Mt. Gox started to move assets, denting market sentiment as U.S. investors look to start trading spot ether

ETH$2,548.34

exchange-traded funds for the first time later in the day.

Bitcoin Trading Mt. Gox Exchanges

Shaurya Malwa

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.