BTC Price Drop As Mt.Gox Move $2 Billion

On Wednesday, Bitcoin's price briefly dipped below $66,000 following news of a significant BTC transfer from the defunct crypto exchange Mt. Gox. On July 30, Mt. Gox's estate moved nearly 34,000 Bitcoin, worth approximately $2.25 billion, to a new wallet, indicating possible repayment to creditors from the exchange that collapsed in 2014.

 
Data from Arkham Intelligence shows the 33,963 BTC are still in the new wallet. While it's unclear if the funds are heading to an exchange or being reallocated internally, Bitcoin’s price dropped to $65,400 before recovering above $66,000.

Speculation continues on how these transfers might affect Bitcoin's market, especially given the recent trend of limited sell-side pressure. According to a Glassnode report, of the 142,000 BTC recovered from Mt. Gox, around 59,000 have already been distributed via Kraken and Bitstamp, with the market impact being relatively contained so far, as Bitcoin’s price remains above $60,000.