Mt. Gox's involvement with Bitcoin remains active as reports surface of a substantial transfer of over $2.9 billion worth of BTC to an undisclosed wallet. This movement signifies a significant shift as previously dormant BTC holdings, untouched for five years, are now in motion.

Bitcoin Transfer by Mt. Gox

In a sudden development, Mt. Gox has transferred 12,400 Bitcoins to an unknown cold wallet, causing a stir in the market. The destination of these BTCs has been altered by Mt. Gox.

Subsequent to this event, further transfers ensued, accumulating BTCs valued at around $2.9 billion in this particular wallet. Notably, the purpose behind these transfers remains shrouded in mystery, with the tokens being relocated to this address within the past two hours.

Analyzing the wallet's activity, it was observed to become active approximately a week ago, receiving around 22,000 BTCs prior to the Mt. Gox transactions. Within the recent two hours, a total of over 31,000 BTCs have been directed to this address.

Moreover, Mt. Gox is set to distribute its assets of 142,000 BTC and 143,000 BCH to creditors by October 31, 2024. This development has cast uncertainty over Bitcoin's price trajectory, leading to a significant market downturn.

Bitcoin Price Fluctuations

In response to these revelations, the Bitcoin price swiftly plummeted from $69,400 to $68,400, with a subsequent sharp decline following the second transfer announcement. Presently, the BTC price stands at $67,500, having rebounded above $68,000 at the time of this report.

The market volume also experienced a decline, dropping to $1.33 billion post the price fluctuations. Despite this, the 24-hour trading volume indicates a heightened interest in Bitcoin, surpassing $28 billion following a surge of over 60%.

This series of events has evoked a range of reactions within the market, particularly concerning the substantial volume generated by short sellers in response to the transfer news.