BTC Drops Below $68K After Mt.Gox Transfers $2.2 Billion in Bitcoin to Two Wallets

Mt. Gox transferred over 32,000 BTC (worth $2.2 billion USD) to new wallet addresses in preparation for future sales.

The current repayment plan, now extended to October 31, 2025, involves significant Bitcoin transfers that impact market volatility.

Bitcoin (BTC) prices dropped on Tuesday morning after the defunct crypto exchange Mt. Gox made its largest transfer in months as part of future sale preparations.

BTC fell below $68,000, losing 2% over the past 24 hours, contributing to a broader market decline ahead of the U.S. elections scheduled for later in the day. Traders anticipate market volatility this week, with price swings up to $8,000.

Mt. Gox moved over 32,000 BTC, equating to $2.2 billion at current prices, to unmarked wallet addresses, according to data from Arkham. Most of these funds, around 30,400 BTC, were sent to "1FG2C...Rveoy," while 2,000 BTC were transferred to "15gNR...a8Aok" after initially being sent to a cold wallet at Mt. Gox.

These wallet-to-wallet transfers typically signify the consolidation of assets at new addresses before they are sent to exchanges where Bitcoin is sold on the open market.

According to traders, Mt. Gox payouts significantly increase pressure on Bitcoin (BTC) markets, as early investors will receive assets at much higher values than those they entered with before 2013, prompting them to sell at least part of their holdings.

Once the world's largest crypto exchange, Mt. Gox handled over 70% of all Bitcoin transactions in its early years. In early 2014, the exchange was attacked by hackers, resulting in the loss of approximately 740,000 Bitcoin (now worth over $15 billion). This hack was the largest of several incidents targeting the exchange between 2010 and 2013.

Trustees developed a repayment plan that was in the works for several years and received a deadline from a Tokyo court last year for October 2024. However, in October, the repayment deadline was extended by another year to October 31, 2025.