According to data from on-chain intelligence company Arkham, a Bitcoin wallet labeled as Mt. Gox exchange transferred approximately 42,600 Bitcoins (worth approximately US$2.7 billion) to a Address that has not been tagged yet.

Source: Arkham

Minutes before this large transfer occurred, a Mt.Gox wallet transferred 0.021 BTC to an external address. It was speculated that this transaction may be a test transaction for Mt.Gox's repayment operation. Meanwhile, Bitcoin (BTC) price fell from $64,430 to below the $63,000 level in the subsequent 1.5 hours. Bitcoin was trading at $62,930 at press time, down 2.3%.

Bitcoin price action on July 16, source: TradingView

Mt. Gox filed for bankruptcy in February 2014, and its reorganization trustee announced earlier this month that it had begun repaying Bitcoin and Bitcoin Cash (BCH) to some creditors under the reorganization plan. Data shows that after the latest transfer, Mt. Gox wallets still hold about 138,900 Bitcoins, worth about $8.73 billion.

Source