Mt. Gox Bitcoin Address Transfers 33K BTC In Latest Repayments; Another BTC Sell-Off?

A day after the Mt. Gox wallet moved a staggering $2 billion worth of Bitcoins, a similar move was visible earlier today to the crypto exchange OKX. As per the on-chain data, a Mt. Gox address transferred 33,100 Bitcoins in total during the last 24 hours. This development puts investors on the edge of their seats hinting at chances of another BTC sell-off coming ahead.

$2 Billion in Bitcoins Move to OKX

As per the latest report from PeckShield Alert, a Mt. Gox-labeled address has transferred a total of 33.1K BTC valued at a staggering $2 billion to a new address starting with bc1qpn…7k53. Furthermore, the Mt. Gox address transferred a total of 117 BTC worth $7 million to the crypto exchange OKX in the last 24 hours.

#PeckShieldAlert #Mt.Gox-labeled address transferred 33.1K $BTC out, including 33,023 $BTC (worth ~$2B) to a new address bc1qpn…7k53 & 117 $BTC (worth ~$7m) to #OKX within the last 24 hours pic.twitter.com/8rRac2Z3mf

— PeckShieldAlert (@PeckShieldAlert) August 14, 2024

This development comes a day after Mt. Gox transferred $2 billion in Bitcoins to crypto exchange BitGo as part of the final creditors’ payment in BTC and BCH.

Mt. Gox’s recent distribution of funds has made substantial progress with nearly 70% of the process being completed. Over $3.2 billion worth of Bitcoin has been distributed to 17,000 creditors. However, investors need to be watchful of BTC price movements going ahead amid the Mt. Gox movements.

“There has been a recent surge in activity among long-dormant Bitcoin holdings, causing fluctuations in the market. When these long-dormant Bitcoins are moved, it often leads to increased selling pressure in the market,” reported CryptoQuant.

All Eyes on the US CPI Inflation Data

With the US PPI inflation data showing signs of cooling down, all eyes are currently on the US CPI inflation data release for the month of July. As a result, there’s been a major shot covering the market recently with Bitcoin and altcoins rallying over the past two days.

Furthermore, the institutional demand for digital assets has grown significantly as inflows into the spot Bitcoin ETFs and spot Ethereum ETFs have resumed again. As per the latest report, banking giant Goldman Sachs gained over $400 million in exposure to spot Bitcoin ETFs during the second quarter of the year.

Currently, the BTC price is trading close to $61,000 with $2.5 billion in liquidity boost coming from the USDT and USDC stablecoins.