- Mt. Gox initiates $2 billion Bitcoin distribution to 2014 hack victims.
- Bitcoin whale withdraws $387 million from Binance, signaling potential market rally.
- Bitcoin price fluctuates amidst Mt. Gox payouts and whale activity.
On-chain data reveals significant activity in the Bitcoin market, including a transfer of $2 billion worth of BTC by the defunct Mt. Gox crypto exchange to a new wallet, as identified by Arkham Intelligence. Lookonchain, the crypto analysis platform, also spotted massive BTC withdrawals from the centralized crypto exchange Binance.
According to reports, the $2 billion transfer was part of the Bitcoins Mt. Gox planned to redistribute to creditors affected by the infamous 2014 hack. This leaves the collapsed exchange’s wallet with a balance of 80,128 BTC, equivalent to approximately $5.32 billion, at the time of writing.
Meanwhile, Lookonchain’s post on X shows a Bitcoin whale withdrew 1,300 BTC worth $85.56 million from Binance in the early hours of Wednesday, July 31, 2024. The crypto transaction monitoring platform noted that the same whale had withdrawn 5,800 BTC, equivalent to $387.88 million, in the past two days.
Notably, these two types of transactions have left Bitcoin community members with mixed feelings, many of whom are concerned about the next direction of Bitcoin’s price. Market sentiment suggests that the Mt. Gox BTC redistribution could cause Bitcoin’s price to dip, as many beneficiaries may sell their coins upon receipt.
However, the whale withdrawals spotted by Lookonchain suggest Bitcoin accumulation, typical of large BTC holders who anticipate a market rally. Such holders often move their coins from centralized exchanges like Binance to more secure platforms for long-term storage.
Bitcoin’s price has fluctuated following recent developments, with no clear direction after the dip that followed the Mt. Gox transfer. BTC dipped 6.65% after the transfer but is staging a rebound with a 1.91% recovery. The flagship crypto traded for $66,250 at the time of writing, according to TradingView data.
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