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Mt. Gox bankruptcy estate has transferred billions of dollars’ worth of Bitcoin (BTC) to an unidentified wallet, further exacerbating concerns about falling crypto prices.
Data from blockchain analytics firm Arkham Intelligence shows a cold storage wallet belonging to Mt. Gox has transferred 47,228 BTC, worth approximately $2.71 billion, according to a Thursday post on X, formerly Twitter.
It follows several test transactions conducted Wednesday by the asset, worth less than $27 for three separate transactions, according to blockchain data also provided by Arkham.
Payments from Mt. Gox is expected to launch this month after extensive preparations for the distribution of funds. The defunct exchange will disburse approximately 142,000 BTC and 143,000 Bitcoin Cash.
The development marks a step toward ending a decade-long wait for 127,000 creditors affected by the 2014 collapse of the former Japanese crypto exchange.
Several headwinds continue to dampen investor sentiment, including tensions arising from the recent transfer of Bitcoin by the German government, which began transferring seized assets to its wallet six months ago.
Rising interest rates, inflation and global economic instability also present uncertainty, decode it was said before.
The German government seized about 50,000 BTC from the operators of the illegal streaming site Movie2k.to in 2020. The Bitcoin, initially worth about $2 billion, was seized as part of an investigation into the site’s activities, which included the distribution of pirated movies and clearing income.
Roughly 1,300 BTC, worth $75.5 million, were shipped to several exchanges, including Bitstamp, Coinbase and Kraken, on Wednesday, adding to concerns that prices could fall.
“It would have to be a massive July for Bitcoin’s price to withstand the sheer weight of supply flooding the market from Mt. Gox and the German government,” said Pav Hundal, chief market analyst at crypto exchange Swyftx. Decipher. “That could be how we get up to $50,000.”
The price of Bitcoin has fallen 9.5% since the start of the week, falling from $62,000 on Monday to $56,700 on Wednesday. The asset is changing hands for just over $56,900, CoinGecko data shows.
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