Mt Gox Moves $2.8B In Bitcoin, Crypto Falls Ahead ETH ETF

Highlights

Mt Gox is expected to initiate another lot of Bitcoin repayments with its latest transfer.
The defunct crypto exchange shifted over $2.8 billion in BTC today.
This transfer succeeds the small test transaction made on Monday.

Mt Gox, the infamous Bitcoin exchange that collapsed in 2014, has made substantial Bitcoin (BTC) transfers as part of its repayment plan to creditors. The defunct exchange moved over $2.8 billion worth of Bitcoin today. Hence, the creditor repayment in BTC could be witnessed today, according to previous payouts.

Mt Gox Latest Bitcoin Transaction Details

According to Arkham Intelligence, on Tuesday, July 23, Mt Gox moved 42,587 BTC, valued at approximately $2.85 billion, to an internal wallet. Additionally, another 5,110 BTC was added via a different internal wallet, signaling the exchange’s preparation for BTC repayments. Hence, the collapsed exchange currently holds 90,344 BTC worth a whopping $6 billion.

The previous day, Monday, July 22, marked the beginning of this repayment process. Moreover, this news coincides with the imminent launch of Spot Ethereum ETFs. This created a buzz and speculation about the potential market impact on both Bitcoin and Ethereum price actions.

According to data sourced from Arkham Intelligence , Mt Gox has been making a series of smaller Bitcoin transfers on Monday. The most recent of these transactions involved 0.021 BTC, valued at approximately $1,390, sent to an address 1C9Vo…t81Fa. This transfer occurred just minutes before the report was issued, mirroring a similar transaction made six days prior.

The repetitive nature of these transactions, both involving 0.021 BTC from a Mt Gox-associated address, suggests that these could be part of a testing phase for their transfer capabilities. The duplicate nature of these transactions was confirmed by Arkham. Thus, today, the speculations can be held true that these small-scale transfers were a precursor to larger movements.

Earlier, on July 16, Mt Gox announced that it initiated for Bitcoin and Bitcoin Cash repayments to 13,000 out of approximately 20,000 creditors. This announcement was accompanied by a massive $6 billion move in Bitcoin. Moreover, the latest shift on July 23 mirrors a similar approach.

Also Read: Breaking: Mt Gox Moves $2.8B In Bitcoin, Crypto Falls Ahead ETH ETF

Crypto Market Takes A Hit

The timing of these substantial Bitcoin movements has sparked intense speculation about their potential impact on the crypto market. The latest shift on July 23 coincides with the launch of the Spot Ethereum ETF, which has already created ripples in the market.

The crypto market witnessed a bearish session as the Ethereum ETF launch emerges as a “sell the news” event. Additionally, Ethereum whales are looking to book profits from the ETF hype. This sentiment has analysts warning against a dip below $3,000 for Ethereum.

However, despite the bearish trend, the inflows from the ETF and the gradual adoption of these products are expected to drive Ethereum prices beyond $4,000. In addition, Bitwise CIO Matt Hougan had previously set a $5,000 target for ETH following the ETF launch.

Nonetheless, at press time, both BTC and ETH witnessed a plunge. The BTC price lost hold on the $67,000 level and traded at $$66,676.33, down 1.34%. Whilst, Ether price dropped 1.55% to $3,450. However, the decline in Bitcoin could be momentarily as on July 16, when Mt Gox made a huge repayment, the BTC price remained resilient at $65,000.

Also Read: US Govt Dumps $4M In Bitcoin Again, Another BTC Selloff Ahead?

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Kritika Mehta

Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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