In a recent development, Bitcoin (BTC) market observers are noting a potential resurgence in selling pressure linked to Mt. Gox. Early Wednesday, an address connected to the now-defunct exchange transferred 13,265 BTC, valued at approximately $784 million. Of this amount, 12,000 BTC was moved to a new address labeled “1PuQB,” according to data from tracking platform Arkham Intelligence.
The remaining 1,265 BTC was sent to address “1Jbez,” which Arkham identifies as Mt. Gox’s cold storage wallet. This action leaves the defunct exchange in possession of over 46,000 BTC.
Historically, Mt. Gox creditor reimbursements have contributed to downward pressure on BTC prices, particularly noticeable over the summer. However, Alex Thorn, Head of Research at Galaxy Digital, suggests that the latest transactions might not lead to significant selling pressure. Thorn indicated via X that of the 13,265 BTC moved, only 1,265 BTC (approximately $74.5 million) is intended for distribution, with the bulk of 12,000 BTC being stored securely in cold storage.
Despite this recent transfer activity, Bitcoin’s price has remained relatively stable, holding steady above $59,000, as reported by CoinDesk.
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