Mt Gox Transfers 22 Billion in Bitcoin Could BTC Value Fall Below 60K
Story Highlights
Mt. Gox has transferred $2.2 billion in Bitcoin, moving 32,371 BTC to an unmarked wallet, signaling potential repayments.
Bitcoin Price Today is trading around $65,000, with market volatility expected as the impact of Mt. Gox’s large BTC transfer unfolds.
Mt. Gox repayments are being finalized ahead of the October 31, 2025 deadline, with over $6 billion already repaid to creditors since June.
After repaying more than $6 billion worth of Bitcoin (BTC) to distressed creditors since June, Mt. Gox is preparing to make another fund distribution. According to on-chain data analysis provided by Arkham Intelligence, the defunct cryptocurrency exchange made the largest transfer of Bitcoins from its associated wallet earlier today.
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Mt. Gox sent 32,371 Bitcoins, worth more than $2.1 billion, to an unmarked wallet for the first time, signaling potential upcoming repayments. The company’s restructuring trustee has been working to finalize the repayment ahead of the recently extended deadline of twelve months to October 31, 2025.
Furthermore, Mt. Gox transferred 296 Bitcoins, worth $20.13 million, to OKX and B2C2 crypto exchanges earlier today. Previously, Mt. Gox used different cryptocurrency exchanges to finalize the repayments to eligible creditors.
? Mt. Gox transferred another 32,371 $BTC ($2.19B) to 3 new wallets in the last 2 hours.
Over the last 4 days, Mt. Gox has transferred out a total of 32,871 $BTC ($2.22B). Among these tokens, 296 $BTC ($20.13M) was moved to #B2C2 and #OKX.
Currently, there remain 12,006 $BTC …
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— Spot On Chain (@spotonchain) November 5, 2024
Impact on Bitcoin Price Action
The notable movement of Mt. Gox Bitcoin holdings will have a palpable impact on the underlying price action ahead. Moreover, the distribution of Mt. Gox funds is viewed as a bearish impact as it largely dilutes the existing market supply.
The overall volatility for Bitcoin and the entire altcoin market is expected to remain high amid the 2024 U.S. elections. Already, more investors, as shown by the notable cash outflows from the US Spot BTC ETFs, have opted to exit the market and shelter from the high volatility.
The TD Sequential has been spot-on with #Bitcoin $BTC trends on the 12-hour chart, and it’s now showing a buy signal!
pic.twitter.com/lGL3U0rUSd
— Ali (@ali_charts) November 4, 2024
From a technical analysis standpoint, Bitcoin price is likely to rebound in the coming weeks, as observed in previous US elections. Furthermore, the daily Relative Strength Index (RSI) has rebounded from the support level above 50 percent. However, a sustained decline and close below the support level above $65k will lead to further crypto selloff in the near term, which could potentially send Bitcoin below $60k.
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Bitcoin