Collapsed Japanese cryptocurrency exchange Mt. Gox has transferred 47,229 Bitcoin (BTC) – worth $2.71 billion at current prices – to a new wallet address since its first major transaction.

According to blockchain analytics platform Arkham Intelligence, the exchange removed Bitcoin from “cold storage” at 12:30 p.m. on July 5.

Mt. Gox has conducted several small test transactions in recent months.

The move comes within the framework of the stock exchange's plan to start paying its creditors this month. A total of $8.5 billion worth of Bitcoin will be repaid to creditors.

Some market commentators have noted that Mt. Gox expressed concerns about the size of the amount of Bitcoin that could come to market as a result of creditors selling assets that have been inaccessible for more than a decade.

However, other analysts have attempted to allay fears of a massive sell-off, saying the total amount of Bitcoin that will be "poured" into the market is likely worth around $4.5 billion.

On May 28, Mt. Gox transferred approximately $7.3 billion worth of Bitcoin to another unknown wallet address. Bitcoin's price fell by 2% after this transaction.

Bitcoin fell 6.9% in the last week.

Bitcoin's price dropped sharply on July 4 and fell further in the following hours, currently trading for $57,328, according to TradingView data.

Bitcoin's price fell 6.9% for the week, but has gained 35.6% since the beginning of the year.

This is a developing story and more information will be added as it becomes available. What are your thoughts? We are waiting your comments.