Mt. Gox Moves Another $2.5 Billion in Bitcoin, Sparking Market Concerns

The defunct crypto exchange Mt. Gox has shuffled over $2.5 billion between wallets, with some funds being sent to the crypto exchange Bitstamp. Bitcoin (BTC) was trading near $66,000 when Mt. Gox began transferring its latest tranche of assets to Bitstamp, an action that has historically led to broader crypto market sell-offs.

According to Arkham data, Mt. Gox moved over $2.85 billion worth of BTC to a new wallet early Tuesday. Subsequently, it transferred 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. From the 5,000 BTC wallet, about $130 million worth of BTC was then sent to Bitstamp. These movements to exchanges typically indicate an intention to sell the holdings. This activity follows Mt. Gox’s small test transaction to Bitstamp the previous day.

In early July, Mt. Gox started repaying creditors affected by the 2014 hack. Over $9 billion worth of BTC and $73 million worth of Bitcoin Cash (BCH) will be distributed to traders in the coming months.

Bitcoin dipped below $67,000 earlier on Tuesday as Mt. Gox moved assets, impacting market sentiment. This coincided with U.S. investors preparing to trade spot ether (ETH) exchange-traded funds for the first time later in the day.