On Tuesday, July 30, Mt. Gox holdings moved approximately 34,000 Bitcoins, worth approximately $2.25 billion at current market prices, to a new wallet.

Mt. Gox had been expected to repay its creditors since 2014 after its closure, so this move signals that the exchange is still actively continuing to pay its creditors. However, there is some uncertainty about where these Bitcoins were moved and what transactions were made.

According to Arkham Intelligence data, Mt. Gox transferred 33,963 BTC to a new wallet and these funds remain in that wallet as of press time.

For now, it is unknown whether these Bitcoins were moved to a crypto exchange or simply reallocated between their own wallets. This makes it difficult to predict their impact on the market. During the transfer, Bitcoin price briefly dropped to $65,400, but then managed to rise above the $66,000 level.

This price movement caught the attention of Bitcoin investors and traders and revealed the market’s reaction to such large transfers.

As of press time, Bitcoin is currently trading around $66,000 and is down 5.37 percent since reaching $70,000 on July 29.

According to data obtained from the crypto news site, these changes in the price of Bitcoin raise some concerns, especially regarding the impact of recent large transfers.

Particularly considering that Bitcoin prices dropped to $55,000 following the large-scale sale of BTC seized by the German government in early July, it is a matter of curiosity whether such large transfers will lead to a similar effect on the market.

Preliminary data suggests that these latest transfers have created limited selling pressure. According to Glassnode’s July 29 report, Mt. Approximately 59,000 BTC of the 142,000 BTC recovered from the Gox hack were distributed to creditors through major crypto exchanges Kraken and Bitstamp.

Despite these significant movements, Bitcoin’s price remains above $60,000, indicating that the impact on the market is relatively limited. This situation reveals that investors and market analysts do not expect a major collapse in Bitcoin’s price and are taking a more cautious approach in the market.

The Glassnode report also notes that the proportion of Bitcoin held by new investors has fallen, with long-term investors controlling approximately 45 percent of the network’s wealth. This marks a shift in investor behavior; It seems that investors prefer to hold Bitcoin instead of selling.

Mt. Gox still holds more than $5.3 billion worth of Bitcoin in its wallets, data predicts that the distribution of these funds could take weeks or months. This long-term distribution process will determine how the effects on the market will evolve over time and will affect the continuity of Bitcoin’s price fluctuations.