Mt. Gox’s latest move of $2.47 billion in Bitcoin [BTC] has drawn attention from market watchers.
The funds were transferred to Bitstamp addresses early on July 24, 2024. This move aims to continue the repayment process for creditors.
According to Arkham Intelligence, Mt. Gox has sent 5106 BTC ($335.8 million) to four different Bitstamp addresses. The total amount sent recently adds up to 10,216 BTC, which is worth $675.9 million.
This transfer is part of the larger effort by the Mt. Gox Trustee to repay victims of the now-defunct exchange.After last week’s payout of $3 billion worth of BTC to Kraken, Mt. Gox now holds around $5.3 billion in BTC.
Some analysts believe that this remaining amount might be fully distributed soon, potentially relieving some pressure from the Bitcoin market.
However, concerns remain about other factors, such as additional BTC supply from the US government, which could influence prices.In recent days, Bitcoin’s price has shown resilience.
Despite the significant payouts, BTC has managed to hold above the $60k mark.
This is seen as a positive sign by some market observers who think that the remaining repayments might be absorbed without causing major price drops.
