Addresses affiliated with the recently bankrupt Mt. Gox exchange have transferred 96,396 Bitcoin (BTC) worth over $6 billion to three unmarked wallets, raising concerns of a selloff amid ongoing creditor repayments.
Data Market analytics firm Arkham Intelligence notes that these transactions occurred over a two-hour period.
It is worth noting that the latest wave of transactions began with a transfer of 0.021 BTC to an unknown address after three weeks of continuous inactivity. This transaction is likely a test run in preparation for the movements.
After the test transfer, the Mt. Gox address transferred 44,000 BTC along with 526 BTC worth a total of $2.84 billion to two different addresses at 06:39 UTC today. While 44,000 BTC was transferred to the Mt. Gox cold wallet, 526 BTC was transferred to an unspecified address.
A few minutes later, Mt. Gox sent another 47,229 bitcoins, worth nearly $3 billion, to a different unknown address. This whale transaction was followed by a subsequent transfer of 48,641 bitcoins to a third unknown address, bringing the total tokens transferred to 96,396 bitcoins across three unknown wallets.
Notably, despite renewed selling concerns, these assets were in recipients’ wallets at the time of writing. The latest moves come days after the German government emptied its Bitcoin holdings following weeks of sustained selling, a trend that contributed to the latest market decline.
Bitcoin eventually fell to a five-month low of $53,485 on July 5. However, the cryptocurrency has since recovered from that level following the end of the German government’s sell-off. With Bitcoin now up about 18% from its July 5 low, the market remains wary of a potential sell-off from Mt. Gox creditors.
Recall that last month, the defunct exchange announced plans to begin repaying debt in July. After years of waiting, some creditors confirmed on July 5 that they had begun receiving their bitcoin and bitcoin cash (BCH). The latest moves are likely another effort toward disbursing funds to creditors. Mt Gox still holds 138.9 BTC, worth $8.7 billion.