Mt Gox hints at other significant Bitcoin transfers this week, as it moves billions of BTC to crypto exchanges and unknown wallets.
After the recent BTC and BCH transfer for repayment to creditors, the collapsed crypto exchange Mt. Gox transferred another substantial amount of Bitcoin on Wednesday.
This suggests that the crypto exchange will likely continue to facilitate the transfer of bitcoins this week.
Meanwhile, Kraken has initiated the distribution of Bitcoin that it acquired from the Mt. Gox Rehabilitation Trustee last week.
Mt. Gox Signals Huge Bitcoin Repayments This Week
On July 24, Arkham Intelligence reported that a wallet associated with Mt Gox transferred another 37.477K BTC to an unknown wallet address.
The most recent Bitcoin transfer was valued at $2.47 billion.
Before making the huge transfer, the exchange executed a test transfer of $1.42 BTC to the unknown wallet.
Furthermore, another Mt. Gox wallet (16vjn) transferred around $11.33 in BTC to an unknown wallet.
It suggests that the wallet will also transfer bitcoins within the next few hours.
Also, an internal transfer occurred between the cold wallets of the exchange.
There was a transfer of 5.106K BTC, which is equivalent to $336.61 million.
Mt Gox Rehabilitation Trustee still possesses $5.93 billion in Bitcoin and is anticipated to make large transfers this week.
As reported earlier, the Mt. Gox wallet transacted 42,587 BTC, which is equivalent to approximately $2.85 billion, on Tuesday.
Additionally, there were a range of small Bitcoin transfers in the past 24 hours, such as BTC transfers to Bitstamp wallets.
Massive BTC Liquidation At Risk
The total crypto liquidations in the past 24 hours were $160 million, according to Coinglass data.
Liquidation risks are increasing among traders, while creditors in a Reddit poll indicated that they are unlikely to sell their BTC.
QCP Capital reported that options traders were aiming for lower prices as a result of the launch of the spot Ethereum ETF.
The largest single liquidation order on the crypto exchange OKX in the past 24 hours occurred when an individual executed an ETH-USDT-SWAP transaction valued at $8.58 million.
However, Bitcoin is currently experiencing volatility as a result of the repayments made by the Mt. Gox Rehabilitation Trustee.
Bitcoin (BTC) price dropped by over 1% in the past 24 hours, and it is currently trading at about $65,750.
The 24-hour low and high are $65,484 and $67,359, respectively.
Additionally, the trading volume has decreased by 20% in the last 24 hours, suggesting a decrease in traders’ interest.
