Mt. Gox’s Massive Bitcoin Transfer
According to Arkham Intelligence, the latest transfer by Mt. Gox was preceded by a smaller test transfer of 1.42 BTC to the same unknown wallet. Additionally, another Mt. Gox wallet identified as 16vjn transferred BTC worth $11.33 to the same address, suggesting further significant transactions may be imminent.
Moreover, Mt. Gox conducted an internal transfer of 5,106 BTC, valued at approximately $336.61 million, between its cold storage wallets. The Mt. Gox Rehabilitation Trustee reportedly retains $5.93 billion in Bitcoin, hinting at additional large-scale transfers in the near future.
As reported by CoinGape, a separate Mt. Gox wallet transferred 42,587 BTC, worth about $2.85 billion, on Tuesday. The exchange also executed smaller transfers to various wallets, including those of Bitstamp.
Impact on Bitcoin Market
The extensive movements by Mt. Gox have exacerbated selling pressure on Bitcoin, with the cryptocurrency experiencing a decline of over 1% in the past 24 hours. BTC is currently trading around $65,750, with a trading range between $65,484 and $67,359. Trading volume has dropped by 20% during this period, reflecting reduced trader interest.
Rising Liquidation Risks
CoinGlass data reveals that total crypto liquidations amounted to $160 million in the last 24 hours. Despite a Reddit poll indicating that creditors may hold onto their Bitcoin, the risk of liquidations among traders is increasing. QCP Capital has noted that options traders are speculating on lower prices, influenced by the recent launch of spot Ethereum ETFs.
The largest liquidation event occurred on the OKX exchange, where an ETH-USDT-SWAP valued at $8.58 million was executed. These developments highlight growing volatility in the market as significant Bitcoin transfers continue to impact trading dynamics.
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