Mt. Gox Resumes Bitcoin Transfers as Whales Continue to Accumulate BTC

Mt. Gox has resumed Bitcoin transfers aligning with its strategy to repay its rehabilitation creditors. According to a recent report, the exchange moved a staggering

Mt. Gox moved 14,000 BTC to two wallets as part of its strategy to repay rehabilitation creditors.

The exchange sent 1,265 BTC ($74.77 million) to a cold storage wallet labeled ‘1Jbez.’

This was followed by a large transaction of 13,265 BTC ($784.20 million) to an unknown wallet labeled “1PuQB…nWhTb.”

The total value of BTC transferred within the time was $858.9 million.

Mt. Gox can now move these Bitcoins to partnered crypto exchanges for creditor repayments.

The recent transfer comes about a week after the defunct exchange sent $2 billion in Bitcoin to California-based crypto exchange, BitGo to be distributed among registered users who are qualified to receive payments from Mt. Gox.

Following the recent transfer, Mt. Gox still holds 46,164 BTC, valued at approximately $2.75 billion according to Arkham Intelligence data.

Bitcoin Whale Activity Surges Amid Market Downturn

While the crypto market has experienced a downturn over the last month, large investors, or whales, are ramping up their Bitcoin acquisitions.

According to a recent report by market intelligence platform Santiment, these entities have added significant amounts of BTC to their portfolios over the last six weeks.

Santiment noted that wallets holding between 100 to 1,000 BTC have added 94,700 Bitcoins since July 6, indicating a 2.44% increase in the number of BTC owned.

These investors are likely taking advantage of the market uncertainty to bolster their crypto holdings.

Meanwhile, the price of Bitcoin has slipped below the $60,000 support level it briefly attained 24 hours ago.

According to CoinMarketCap data, the largest cryptocurrency by market cap declined by 2.31% at the time of writing to trade at $59,663.

Moreover, its one-day trading volume has also decreased by 7.4% to $26.9 billion. Bitcoin’s 24-hour trading range has been between $58,731 and $61,005, respectively.

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