Mt. Gox has hinted at more substantial Bitcoin transfers this week, moving BTC worth billions to crypto exchanges and unknown wallets. The beleaguered crypto exchange executed another massive Bitcoin transfer on Wednesday, following recent BTC and BCH transactions for creditor repayments. This suggests that more Bitcoin movements are likely to occur this week. Meanwhile, Kraken has also begun distributing Bitcoin obtained from the Mt. Gox Rehabilitation Trustee last week.
Significant Bitcoin Repayments Signal from Mt. Gox
A wallet linked to Mt. Gox transferred 37,477 BTC to a new, unknown wallet address on July 24, according to Arkham Intelligence. This latest Bitcoin transfer was valued at $2.47 billion. The exchange conducted a test transfer of 1.42 BTC to the unknown wallet before executing the large transfer. Additionally, another Mt. Gox wallet (16vjn) moved BTC worth $11.33 to the same unknown wallet, indicating that more Bitcoin transfers are imminent.
There was also an internal transfer between the exchange’s cold wallets, with 5,106 BTC worth $336.61 million being moved. The Mt. Gox Rehabilitation Trustee still holds $5.93 billion in Bitcoin and is expected to continue making substantial transfers this week.
As previously reported by CoinGape, the Mt. Gox wallet moved 42,587 BTC, valued at approximately $2.85 billion, on Tuesday. There were also several smaller Bitcoin transfers in the last 24 hours, including BTC moves to Bitstamp wallets.
Mounting Risk of Massive BTC Liquidation
Data from Coinglass shows that total crypto liquidations reached $160 million in the last 24 hours. While creditors in a Reddit poll indicated they are unlikely to sell their BTC, liquidation risks among traders are increasing. QCP Capital reported that options traders were targeting lower prices due to the launch of the spot Ethereum ETF.
In the past 24 hours, the largest single liquidation order occurred on the crypto exchange OKX, where an ETH-USDT-SWAP valued at $8.58 million was executed.
Bitcoin is trading under pressure amid the repayments by the Mt. Gox Rehabilitation Trustee. BTC price has fallen more than 1% in the past 24 hours, currently trading near $65,750. The 24-hour low and high are $65,484 and $67,359, respectively. Additionally, trading volume has decreased by 20% in the last 24 hours, indicating a decline in interest among traders.
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