Mt. Gox Moves $130 Million in Bitcoin to Bitstamp, Signaling Potential Sale
Bitcoin experienced increased volatility today, approaching $66,000, following moves by the fallen cryptocurrency exchange, Mt. Gox.
Mt. Gox transferred a new portion of BTC to the exchange Bitstamp, which has often preceded massive sales in the crypto market.
According to data from Arkham, Mt. Gox transferred over $2.85 billion worth of BTC to a new wallet on Tuesday’s Asian morning. Among these funds, 5,000 BTC, valued at $340 million, were sent to one wallet, and 37,000 BTC, valued at $2.5 billion, were sent to another. Of these 5,000 BTC, around $130 million was then transferred to Bitstamp, signaling a potential intention to sell.
These movements follow a transaction test conducted the previous day by Mt. Gox, where small quantities of BTC were sent to Bitstamp. In July, Mt. Gox began repaying creditors affected by the 2014 hack, with over $9 billion in BTC and $73 million in bitcoin cash to be distributed in the coming months.
This activity pushed the price of bitcoin below $67,000 on Tuesday, impacting market sentiment as U.S. investors prepared to begin trading Ethereum Spot ETFs for the first time later in the day.
Massive Inflow of Funds to BlackRock’s Bitcoin ETF
In parallel with Mt. Gox’s movements, BlackRock saw massive inflows into its iShares Bitcoin Trust (IBIT), an ETF listed on Nasdaq. IBIT attracted $526.7 million in net investor funds on Monday, the highest daily entry since March.
Since its launch on January 11, BlackRock has attracted nearly $19.5 billion. On Monday, the 10 other ETFs listed in the U.S. only attracted $6.9 million in net flows.
Bitcoin briefly surpassed the $68,000 mark on Monday, reaching its highest level in over a month. This surge was fueled by rumors that the pro-crypto Republican presidential candidate, Donald Trump, would announce a larger role for BTC in the financial system at the Bitcoin Conference in Nashville later this month.
