Mt. Gox Moves $700M in Bitcoin to New Wallets

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Early Wednesday, an address linked to defunct exchange Mt. Gox moved 13,265 BTC, worth $784 million. 

Of this, 12,000 BTC went to an address identified as “1PuQB,” according to Arkham Intelligence. The remaining coins were transferred to “1Jbez,” identified as Mt. Gox’s cold wallet.

Mt. Gox creditor reimbursements have been a significant source of downward pressure on BTC’s price this summer.

However, the latest batch of on-chain movement might not translate into substantial selling pressure, according to Alex Thorn, head of research at Galaxy Digital.

Thorn believes that only 1,265 BTC ($74.5 million) is intended for distribution, while the remaining 12,000 BTC will be stored in fresh cold storage by the estate.