The collapsed Japanese crypto exchange Mt. Gox has transferred 47,229 Bitcoin (BTC) — worth $2.71 billion at current prices — to a new wallet address in its first major transaction since May.
According to blockchain analytics platform Arkham Intelligence, the exchange transferred the Bitcoin at 12:30 am UTC on July 5 out from “cold storage."
The movement comes amid the exchange’s scheduled plan to begin repaying creditors this month. A total of $8.5 billion worth of Bitcoin is slated to be paid back to creditors.
Several market commentators voiced concerns over the sheer volume of Bitcoin that could hit the market following Mt. Gox creditors selling their holdings, which have been inaccessible for more than ten years.
However, other analysts worked to allay fears of a massive sell-off, saying the total amount of Bitcoin that stands to be “dumped” on the market is probably closer to a value of around $4.5 billion.
On May 28, Mt. Gox transferred nearly $7.3 billion worth of Bitcoin to another unknown wallet address. The price of Bitcoin dipped as much as 2% afterward.
The price of Bitcoin fell sharply on July 4 before tumbling lower in the following hours, currently changing hands for $57,328, per TradingView data.
The price of Bitcoin is down 6.9% on the week but has posted year-to-date gains of 35.6%.