Mt. Gox Transfers 500 Bitcoin Worth Over $34 Million to Unknown Wallets
Mt. Gox, the largest cryptocurrency exchange before its 2014 shutdown, recently transferred 500 Bitcoin (approximately $34 million) to two unidentified wallets, marking its first transaction since late September.
Details Of The 500 BTC Transfer
Blockchain analytics firms Lookonchain and Arkham reported that 31.78 BTC was sent to one address and 468.24 BTC to another. Both wallets later distributed portions of these funds to various addresses. Speculation surrounds the transaction, as past transfers from Mt. Gox often indicated upcoming repayments to creditors awaiting compensation since the platform's collapse.
The #MtGox wallet transferred 500 $BTC($35.04M) out 2 hours ago and currently holds 44,905 $BTC($3.11B).https://t.co/f2q66eQNuk pic.twitter.com/aDGMhSnuML
— Lookonchain (@lookonchain) November 1, 2024
Mt. Gox currently holds a total of 44,905 BTC, valued at over $3 billion. In October, the exchange extended its repayment deadline from October 31, 2024, to October 31, 2025.
Bitcoin Price Performance Following The Transfer
Following the Mt. Gox transfer, Bitcoin's price surged to a 24-hour high of $71,500 but later corrected, trading down by 1.5% at $69,450. This decline disappointed investors following a recent rally that nearly reached Bitcoin's all-time high of $73,737 set in March 2024.
Despite this downturn, Bitcoin's market fundamentals remain strong. A CryptoQuant analysis indicates significant buying pressure from Binance futures whales, marking the strongest momentum since September 2023. This trend is evident not only with Bitcoin but also with Ethereum, showing broader market engagement from high-value traders.
Strong buying momentum has emerged from Binance futures whales
“Recently, the strongest buying pressure since last September has appeared in Binance futures market… The same pattern is emerging not only in $BTC but also in $ETH.” – By @mignoletkr
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— CryptoQuant.com (@cryptoquant_com) November 1, 2024
Interestingly, despite the decrease in Bitcoin's price, daily trading volume increased from below $45 billion to above $52 billion.
Featured image created with DALL-E, Chart from TradingView