In the last few hours, the address associated with the defunct Mt. Gox exchange executed a transfer of 10,608 bitcoin (BTC). The movement came from one of the entity’s cold wallets and went to a new address.
This type of shipment has been frequent in the periods prior to refunds to creditors, taking into account that Mt. Gox disappeared more than 11 years ago, as reported by CriptoNoticias.
The image below shows the bitcoin transaction associated with Mt. Gox. The value, expressed in fiat money, is approximately USD 953 million at the time of shipment. Also listed are the inputs coming from several historical Mt. Gox addresses and two exits: one to an already spent hot wallet and another with more than 10,422 BTC still unmoved.
Despite this movement, still remain 34,800 bitcoin in the identified Mt. Gox wallets that have not been distributed. This is part of the assets that the trust maintains to complete the compensation process following the exchange’s bankruptcy in 2014.
The move coincides with a strong correction in the market. The price graph below reflects that bitcoin fell sharply and was trading below USD 90,000. This, maintaining the volatility that has predominated in recent days.
The market usually follows the movements of Mt. Gox closely because any distribution signal can affect the supply of the digital currency. The coincidence between this transfer and bitcoin’s fall below USD 90,000 increases concern, although there is no evidence of sales.
It is worth clarifying that if compared to recent whale sales – which have reached up to 140,000 BTC in one month – an eventual liquidation of 10,000 BTC would be relatively irrelevant although it could add some pressure in a volatile environment.