Varinder Singh
Beleaguered crypto exchange Mt. Gox moves another massive amount of Bitcoin on Wednesday after the recent BTC and BCH transfer for repayment to creditors. This signals that the crypto exchange will likely continue moving bitcoins this week. Meanwhile, Kraken has also started distributing Bitcoin it obtained from Mt Gox Rehabilitation Trustee last week.
Mt. Gox Signals Huge Bitcoin Repayments This Week
Wallet-linked to Mt Gox transferred 37.477K BTC to a new unknown wallet address on July 24, according to Arkham Intelligence. The latest Bitcoin transfer was valued at $2.47 billion. A few hours later, 5.106K BTC worth $335.76 million were moved to wallet address starting with 1MzhW.
The exchange made a test transfer worth $1.42 BTC to the unknown wallet before the large transfer. In addition, another Mt. Gox wallet (16vjn) moved BTC worth $11.33 to the same unknown wallet. It indicates the wallet will also move bitcoins in the next few hours.
There was also an internal transfer between the exchange’s cold wallets. Notably, 5.106K BTC worth $336.61 million was moved. Mt Gox Rehabilitation Trustee still has $5.93 billion in Bitcoin and will likely make huge transfers this week itself. It moved $3 billion in BTC today.
As CoinGape reported, the Mt. Gox wallet moved 42,587 BTC, valued at approximately $2.85 billion, on Tuesday. There were also a series of smaller Bitcoin transfers in the last 24 hours, including BTC moves to Bitstamp wallets.
Also Read: Peter Brandt Predicts US Dollar Collapse, Backs Bitcoin as Solution
Massive BTC Liquidation At Risk
Coinglass data shows the total crypto liquidations were at $160 million in the last 24 hours. While creditors in a Reddit poll said they are unlikely to sell their BTC, liquidation risks are mounting among traders. QCP Capital reported that options traders were targeting lower prices due to spot Ethereum ETF launch.
In the last 24 hours, the largest single liquidation order happened on crypto exchange OKX as someone did ETH-USDT-SWAP valued at $8.58 million.
Bitcoin trades under pressure amid repayments by Mt Gox Rehabilitation Trustee. BTC price fell more than 1% in the past 24 hours, with the price currently trading near $65,750. The 24-hour low and high are $65,484 and $67,359, respectively. Furthermore, the trading volume has decreased by 20% in the last 24 hours, indicating a decline in interest among traders.
Also Read: Spot Ethereum ETFs Register $107 Million Inflows on First Day, BlackRock Leads
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