The defunct Japanese cryptocurrency exchange Mt. Gox has moved 47,229 Bitcoin (BTC) - valued at $2.71 billion currently - to a fresh wallet address in its first significant transaction since May. The transfer, executed at 12:30 am UTC on July 5, was from 'cold storage,' as per blockchain analytics platform Arkham Intelligence. This action aligns with Mt. Gox's plan to initiate repayments to creditors this month, totaling $8.5 billion in Bitcoin. Concerns arose regarding a potential market flood due to creditors selling their long-unavailable holdings, estimated at $4.5 billion. Galaxy Digital's head of research, Alex Thorn, suggested that many holders may not rush to sell, considering the tax implications. Previously, Mt. Gox shifted $7.3 billion in Bitcoin to an undisclosed wallet, causing a brief price drop. Despite recent fluctuations, Bitcoin is trading at $57,226, down 6.9% weekly but up 35.6% year-to-date. Read more AI-generated news on: https://app.chaingpt.org/news