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Mt. Gox Moves $700M in Bitcoin, BTC Unmoved at $59K
According to Galaxy's Alex Thorn expects only 1,265 BTC, woth over $70 million, may be offloaded in the market.
Updated Aug 21, 2024, 5:42 a.m. Published Aug 21, 2024, 5:40 a.m.
- Defunct exchange Mt. Gox moved 13,265 BTC on-chain, according to Arkham Intelligence.
- According to Galaxy's Alex Thorn expects only 1,265 BTC may be offloaded in the market.
Mt. Gox-related selling pressure might raise its head again in the bitcoin market.
Early Wednesday, an address associated with the defunct exchange moved 13,265 BTC, worth $784 million, of which 12,000 BTC went into an address identified as “1PuQB," according to data tracking platform Arkham Intelligence.
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Meanwhile, the remaining coins were transferred to the address “1Jbez," identified as Mt. Gox's cold wallet by Arkham. The defunct exchange still holds over 46,000 BTC.
The Mt. Gox creditor reimbursements have been a significant source of downward pressure on BTC's price this summer.
That said, the latest batch of on-chain movement may not translate into substantial selling pressure, according to Alex Thorn, head of research at Galaxy Digital.
"We now think that of the 13,265 BTC moved in this tx, only 1,265 ($74.5 million) is meant to distro, w/ 12,000 going to estate fresh cold storage so, very small," Thorn said on X.
BTC has held largely steady above $59,000 in the wake of the fresh movement of coins by Mt. Gox, CoinDesk data show.
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