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

Bitcoin BTC$94,952.35 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.

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$366.19 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$1,807.85 exchange-traded funds for the first time later in the day.