The latest BTC transfer from Mt. Gox is putting significant pressure on Bitcoin’s price, pushing it to its lowest level in two months.

At around 07:20 AM on July 5, 2024, blockchain data revealed that Mt. Gox’s cryptocurrency wallet moved 47,299 BTC, valued at $2.71 billion, to a new address. Remarkably, this transaction only cost $3.57 in fees.

The purpose of this transfer remains unclear.

The most recent Bitcoin transfer of Mt. Gox. Source: Arkham (May 7, 2024)

However, as reported by Coin68, Mt. Gox representatives announced in June that they would begin the process of returning assets to customers this July, exactly 10 years after the exchange was hacked and lost over 850,000 BTC.

Mt. Gox and Japanese authorities have since successfully recovered 142,000 BTC and 143,000 BCH, valued at over $8 billion at the time of writing. In May, Mt. Gox had also moved its entire Bitcoin holdings to a new address.

The Bitcoin value contained in the Mt. Gox on the morning of July 5, 2024. Source: Arkham

At that time, the amount was valued at $9.6 billion, but has since decreased following the downward trend of BTC prices in recent weeks. In addition to Mt. Gox, the world’s largest cryptocurrency is also facing selling pressure from the wallets of the German and U.S. governments, which have transferred over $800 million worth of BTC to exchanges in the past two weeks.

As of the morning of July 5, Bitcoin’s price had dropped to $56,690, nearing the early May low of $56,550, threatening to fulfill predictions of a drop to $50,000 as some analyses have suggested.

4h chart of the BTC/USDT pair on Binance at 07:55 AM on July 5, 2024

The total amount of derivatives liquidated in the crypto market in the past 12 hours reached $320 million, with long positions accounting for 85% of that. Bitcoin continues to be the most liquidated currency, followed by Ethereum and other small-cap altcoins.

Liquidation data on the derivatives market at 07:55 AM on July 5, 2024. Source: CoinGlass