Key Points
- Currently, Mt.Gox still holds 44,378 Bitcoins worth over $3 billion.
- The exchange’s move comes a week after extending its repayment timeline.
This morning, the defunct crypto exchange’s cold wallet transferred 32,371 BTC, worth over $2.2 billion at current prices, to an address starting with “1FG2Cv”, according to on-chain reports from Arkham.
Additional Mt.Gox Recent Transfers
An additional amount of 2,000 BTC worth over $137 million was reportedly initially moved to a Mt.Gox cold wallet before the amount was transferred to a separate unmarked wallet.
Arkham data shows that currently, Mt.Gox still holds 44,378 BTC worth over $3 billion at current prices.
Also, the recent transfers come following a smaller transfer of 500 BTC worth around $34 million to two unidentified wallets in September.
Such transfers precede distributions to creditors via crypto exchanges including Bitstamp and Kraken, historical data shows.
Mt.Gox Extended Repayment to Creditors
The exchange’s transfers come after its decision to extend its repayment deadline to creditors to October 31, 2025.
The extension of the refund period affected thousands of creditors who lost their crypto assets during the security breach in 2014 which resulted in the theft of about 850,000 BTC worth around $58 billion at current prices.
The exchange’s BTC moves come amidst intense volatility in the crypto market ahead of the US Elections.
BTC Price Trades Above $68,000
At the moment of writing this article, BTC is trading above $68,000, down by 0.08% in the past 24 hours.
Yesterday, BTC’s price dropped from levels above $69,000 to $66,800 ahead of a rebound.
BTC’s price drop follows a significant outflow in US BTC ETFs yesterday of over $541 million. This was the biggest outflow day for the crypto products since their inception. The other significant outflow day was on May 1, at over $563 million.
While most BTC ETFs recorded outflows the other day, BlackRock’s IBIT saw inflows of over $38 million. Fidelity’s BTC ETF, FBTC, recorded the biggest outflow at over $169 million, according to SoSoValue data.
Also, in the past 24 hours, BTC saw liquidations of over $56 million, $39.9 million in long positions, and $16.9 million in short positions, according to CoinGlass data.
Despite the recent price drop, multiple factors and important events could affect the price of BTC this week, with a potential significant surge in November.
