A known Bitcoin wallet associated with Mt. Gox transferred nearly $2.7 billion in BTC to an unknown address (18vjn…ct9b), as recorded on blockchain analysis platform Arkham.
This massive move comes just minutes after a Mt. Gox experimental transfer of 0.021 BTC to an unknown address.
Earlier this month, Mt. Gox transferred over 47,000 BTC to the new wallet.
These moves come ahead of preparations to return about $9 billion in Bitcoin to creditors.
This defunct exchange filed for bankruptcy in February 2014 following several major thefts, with a total of more than 950,000 BTC stolen.
Bitcoin prices fell from around $65,000 to around $63,000 in the hours surrounding recent transfers.
As Bitcoin Magazine previously reported , industry experts, including CryptoQuant CEO Ki Young Ju and head of research Alex Thorn at Galaxy Digital offered insights into this development, suggesting the impact The impact on BTC price may be less significant than initially feared.
In an analysis Chia on social media, Ki Young Ju outlined three possible scenarios for BTC transactions involving payment to creditors. First, internal transfers can be made for increased security by changing wallets. Second, perform OTC transactions so as not to affect the market price.
Source: CryptoQuant
In the third case, use a brokerage service to sell BTC after transferring it to the broker's wallet and the exchange.
Ju mentioned that 1,500 BTC was transferred to Bitbank, Japan's largest exchange. However, volume did not increase significantly, suggesting it may not have a significant impact on the market. According to Ju's analysis:
“If the third scenario is applied, 94,000 BTC will be available for sell-side liquidation , but selling this much BTC without on-chain movement is unlikely. If it is an OTC sale, we are sure."
You can XEM BTC price here.
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Thach Sanh
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