24/7 Cryptocurrency News

Bitcoin Under Pressure With Mt. Gox Distribution, Key Levels to Watch

CryptoQuant shows a significant decline in Bitcoin deposit addresses across all exchanges, suggesting investors are less willing to sell.
Published by
Bitcoin Under Pressure With Mt. Gox Distribution, Key Levels to Watch

Highlights

  • Bitcoin broke below the average purchase price of $66.5k for 1-3 month holders.
  • Spot Bitcoin ETFs saw net outflows of $78 million after 12 days of inflows.
  • Mt. Gox distribution to Bitcoin creditors on Kraken and Bitstamp can turn the sentiment negative.

The world’s largest cryptocurrency Bitcoin (BTC) has come under pressure with crypto exchange Mt. Gox distributing the Bitcoin to creditors on crypto exchange Kraken. The Bitcoin price is down by an additional 2.37% slipping under $66,000 as of press time.

Advertisement

Mt. Gox Distribution – Key Bitcoin Levels to Watch

Cryptoquant CEO Ki Young Ju reported that the Mt. Gox creditors received their BTC on Kraken a few hours ago. However, despite this distribution, there’s no major surge in the hourly spot trading volume dominance or BTC outflows on Kraken. Ju said that this initial lack of market disruption is a positive sign for Bitcoin.

Courtesy: CryptoQuant

As per the latest data from Arkham Intelligence, Mt. Gox moved a total of 37,477 BTC worth $2.5 billion 30 minutes ago. Since July 5, Mt. Gox has transferred a total of 52,549 BTC ($3.31B) to Bitstamp, Kraken, and Bitbank for repayment

Amid today’s correction, the Bitcoin price has slipped under the average purchase price of $66.5k for holders who have held BTC for 1-3 months. As per CryptoQuant, as BTC breaks this crucial support level, the attention should shift to the 3-6 month holder average purchase price range of $63.6k.

Also, the spot Bitcoin ETFs saw its first outflow after 12 consecutive days of inflows. On tuesday, July 23, the spot BTC ETFs saw a total of $78 million in net outflows.

Also Read: Mt Gox Moves $2.8B In Bitcoin

Advertisement

BTC Deposit Addresses on Decline

The on-chain data from CryptoQuant also shows that there’s a substantial decrease in the total deposit addresses for BTC across all exchanges, reaching a low of 250,000. This reduction in the deposit addresses highlights a major shift in the Bitcoin holding patterns among investors.

This drop in the total number of addresses ready to sell Bitcoins suggest that most holders prefer to retain their assets with the expectation of further price surge. Thus, this behavioral trend highlights a growing confidence among Bitcoin investors.

A decreased willingness to sell assets could reduce the overall Bitcoin supply in the market. With steady or increasing demand, this scarcity may drive up prices, signaling a bullish outlook and indicating expectations of higher future values.

Courtesy: CryptoQuant

While the BTC price is once again facing selling pressure, analysts noted that it must continue to hold above $65,000 to avert any major pullback from here. with the arrival of the spot Ethereum ETFs, it will be interesting to see whether the focus shifts to Ethereum.

Also Read: Bitcoin Price To Hit $70,000 With $485M BTC ETF Volume

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%

VanEck has formally registered its VanEck Lido Staked Ethereum ETF in Delaware. If approved, this…

October 3, 2025
  • 24/7 Cryptocurrency News

Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks

Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…

October 3, 2025
  • 24/7 Cryptocurrency News

Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury

Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company…

October 3, 2025
  • 24/7 Cryptocurrency News

FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading

FG Nexus has announced that it will allow shareholders to convert common stock into tokenized…

October 2, 2025
  • Bitcoin News

Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000

JPMorgan says Bitcoin (BTC) is undervalued compared to gold and could rise to $165,000, giving…

October 2, 2025
  • 24/7 Cryptocurrency News

Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand

Derivatives exchange CME Group has announced plans to begin offering 247/7  crypto futures and options…

October 2, 2025