Bitcoin Price Shrugs Off Latest $2B Mt. Gox Transfer as Distribution Nears Its End
Bitcoin holdings of Mt. Gox wallets are down to $3 billion from $9 billion a month ago, Arkham data shows.

Bitcoin's
Blockchain data by Arkham intelligence shows that Mt. Gox-related addresses moved 47,229 BTC worth roughly $3.1 billion between internal wallets and then transferred nearly 34,000 BTC worth $2.3 billion to new addresses little before Tuesday at midnight UTC. Arkham analysts said that the recipient was most likely BitGo, the last one of the five crypto service providers where creditors will be able to reclaim their funds.
After today's movements, Mt. Gox wallets held $3 billion BTC, down from $9 billion last month, according to Arkham data.
UPDATE: MT. GOX MOVES $3.1B BTC
— Arkham (@ArkhamIntel) July 31, 2024
Last night Mt. Gox addresses moved 33.96K BTC ($2.25B) to addresses we believe are most likely BitGo:
bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f
bc1q48a5tjhdjtkfv8zv6tj68767h8lgep9dpx0emrkx0yhhmum7wscs95ft36
BitGo is the 5th… pic.twitter.com/XWNiZ2boAN
Previous instances of large Mt. Gox transfers triggered price declines, but today's flattish price action signals that traders have perhaps moved past the fears of sell pressure. Bitcoin dropped 0.4% from $66,000 immediately following the transaction during the Asian trading session, but later rebounded to around $66,500 by U.S. hours.
The distribution of a total $9 billion worth of bitcoin – and a smaller amount of bitcoin cash
"From a psychological perspective, this represents the final chapter in a major market overhang over the industry," a Glassnode report said this week.
Glassnode analysts examined the cumulative volume delta (CVD) on Kraken and Bitstamp, and saw only a minor uptick in BTC selling following the days creditors received tokens on the platforms. CVD measures the net difference between spot buying and selling volumes on centralized exchanges.

"This adds a bit more evidence to our thesis that creditors may be better thought of as having the mindset of long-term holders for the time being," the report added.
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