Author: Tom Mitchelhill, CoinTelegraph; Translated by: Wuzhu, Jinse Finance
Collapsed Japanese cryptocurrency exchange Mt. Gox has moved 47,229 bitcoins, worth $2.71 billion at current prices, to a new wallet address, the first major transaction since May.
According to blockchain analytics platform Arkham Intelligence, the exchange moved the bitcoin out of its “cold storage” wallet at 12:30 a.m. UTC on July 5.
Mt. Gox has conducted several smaller test transactions in recent months. Source: Arkham Intelligence
The move comes as the exchange plans to begin repaying creditors this month, with a total of $8.5 billion worth of bitcoin to be repaid.
Mt. Gox trustee Nobuaki Kobayashi said in a statement on June 24 that Mt. Gox has notified creditors that it has completed all necessary steps and will begin repaying debts in July.
Mt. Gox trustee Nobuaki Kobayashi says creditors will begin paying back debts in November
Several market commentators have expressed concern about the amount of Bitcoin that could hit the market after Mt. Gox creditors, who have held Bitcoin for more than a decade, sell off their holdings.
However, other analysts sought to allay fears of a massive sell-off, saying the total value of bitcoin “dumped” on the market could be closer to around $4.5 billion.
Alex Thorn, head of research at Galaxy Digital, said Mt. Gox speculated that many Mt. Gox Bitcoin holders would be more “generous” than expected, noting that capital gains taxes could have an adverse impact on sellers looking to sell all of their BTC at once.
On May 28, Mt. Gox transferred nearly $7.3 billion worth of Bitcoin to another unknown wallet address. Subsequently, the price of Bitcoin fell by 2%.
Bitcoin fell 6.9% last week. Source: TradingView
According to data from TradingView, the price of Bitcoin fell sharply on July 4 and then plummeted in the following hours.
Bitcoin prices fell 6.9% this week but are up 35.6% year to date.
