Mt. Gox’s $3.2B Bitcoin Transfer Causes Bitcoin Price to Fall

A wallet associated with the now-closed Mt. Gox crypto exchange transfers $3.2 billion worth of Bitcoin.

Early Tuesday, the wallet moved 42,587 BTC, valued at $2.8 billion, to an unknown address. Additionally, nearly $150 million in Bitcoin was sent to Bitstamp’s wallet, according to Arkham Intelligence.

Mt. Gox’s recent wallet activities – Source:Arkham Intelligence

Repayment Process Underway

These transactions may be part of the ongoing process to repay $9 billion in Bitcoin to creditors. This repayment process was confirmed earlier this month.

Test Transactions Conducted

Mt. Gox's recent activities followed several smaller Bitcoin transfers made the previous day. These smaller transactions, including one linked to Bitstamp, are believed to be test runs before the larger distributions.

Designated Exchanges Involved

Bitstamp is one of the designated exchanges for handling Mt. Gox’s repayments. Other exchanges, like Kraken, have also received portions. Bitbank and SBI VC Trade are reportedly distributing the funds to creditors shortly after receiving them.

Bitcoin Holdings and Market Impact

Currently, Mt. Gox holds over $6 billion in Bitcoin. The recent transfer caused Bitcoin's price to drop sharply, falling below $66,500 after reaching a high of $68,200 earlier in the day, according to CoinGecko data.

Bitcoin price changes on the 23rd Source: coinmarket