The long-defunct cryptocurrency exchange Mt. Gox sent over 24,000 Bitcoin to an unknown address after BTC hit $100,000 and surged above.
According to Arkham Intelligence, the transfer involving 24,051 BTC valued at $2.47 billion took place on December 5 (UTC). The amount was sent to an address starting with “1N7j.” The exchange, which remained dormant since November 12, kicked off its activity at 02:45 (UTC), according to blockchain data.
The transfer happened just 12 minutes after Bitcoin broke the $100,000 mark and shortly before it peaked at $104,000 on Coinbase at 03:08 (UTC) based on data by TradingView.
Is this move bearish for Bitcoin?
It’s unclear why Mt. Gox, which went bankrupt in 2014, moved these assets at this time. Nevertheless, such moves are usually considered bearish, due to the possibility of a large number of Bitcoins flooding the market in a big sale. Based on Arkham Intelligence data, the exchange is still holding 39,878 BTC, currently worth approximately $4.1 billion.
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Source: https://www.cryptopolitan.com/mt-gox-transfers-billions-in-bitcoin/