Bitcoin (BTC) Price Dips Below $66,000 as Mt. Gox Moves Another $2.25 Billion Worth of BTC

On Tuesday, July 30, the Mt. Gox estate moved another batch of nearly 34,000 Bitcoin (BTC) — worth around $2.25 billion at current prices — to a new wallet

Crypto exchange Mt. Gox moved nearly 34,000 BTC — valued at over $2.2 billion at the time of the transfer — to a new wallet on Tuesday, July 30.

The estate of the defunct crypto exchange moved the 33,963 BTC on Monday, and the funds remained in the new wallet as of press time on Tuesday.

It was not immediately clear whether the exchange moved the more than $2 billion worth of BTC to a crypto exchange or simply reallocated the funds within its own wallets.

The price of Bitcoin briefly dropped to $65,400 amid the transfer before quickly bouncing back above the $66,000 level. At press time, BTC was trading just above the $66,000 mark, down 5.37% from July 29, when it reached $70,000, according to data from crypto.news.

Bitcoin’s price reacted to the Mt. Gox moves

It remains to be seen how these recent transfers will impact Bitcoin’s price compared to, for example, the extended sell-off of confiscated BTC by the German government in early July, which spooked speculators and drove the BTC price down below $55,000.

However, preliminary indicators suggest limited sell-side pressure. Glassnode’s July 29 report reveals that out of the 142,000 BTC recovered from the Mt. Gox hack, approximately 59,000 BTC have already been distributed to creditors via major exchanges Kraken and Bitstamp. The report highlights that despite these significant movements, Bitcoin’s price has remained above the $60,000 mark, suggesting a relatively contained market impact.

As a result, the proportion of Bitcoin held by new investors has declined, Glassnode notes, adding that long-term holders now control about 45% of the network’s wealth. This indicates a shift in investor behavior toward holding rather than selling.

Nonetheless, Mt. Gox still holds over $5.3 billion worth of BTC in its wallets, according to data from Arkham Intelligence, suggesting that the distribution of these funds could extend over weeks or even months.

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