Bitcoin: Mt. Gox’s 9 Billion BTC Failed to Move the Market
Journalist
- Mt.Gox’s BTC transaction was worth more than $9 billion.
- BTC has fallen below $68,000.
Analysts have recently observed a significant Bitcoin transaction amount on [BTC] Gox, the now-defunct crypto exchange. Gox. Data shows that despite these notable transfers, the BTCs have not yet hit the market and have had no impact so far.
Mt. Gox Bitcoin movement
Mt. CryptoQuant’s analysis of Mt.
According to an examination of the chart, around 140,000 BTC worth about $9.4 billion were transferred from the now-defunct exchange.
These transfers reduced Mt. Gox’s holdings on exchanges by around 0.1 BTC, according to the analysis.
Mt. Gox closed its website in February 2014 and filed for bankruptcy after losing around 850,000 bitcoins, partly due to a hacker attack. Exchange flow is still normal despite this recent movement.
Analysis of Bitcoin flow impact
CryptoQuant’s analysis of Bitcoin netflow did not reveal any notable trend in the past few days. On May 27, a negative flow worth over $12 million was recorded. This flow amounted to around 178 BTC.
On May 29, a positive flow totaling around 3,270 BTC worth more than $248 million was recorded. These numbers are not exceptional, but noteworthy.
The recent movements of the now-defunct exchange did not have a notable impact on the markets.
Source: CryptoQuant
Analysis of Bitcoin exchanges using Santiment’s data did not reveal any notable changes.
The chart showed that exchange supply increased by around 2,000 between May 27 and today.
This could indicate that Bitcoin has entered exchanges in the past three days, but the increase is not significant enough to affect prices. The current supply of Bitcoin on exchanges is over 972,000.
Source: Santiment
Bitcoin sentiment remains positive
Bitcoin open interest data on Coinglass showed significant interest volume, suggesting that more money is flowing into the Bitcoin market.
Open interest is currently valued at around $35 billion, but peaked at $39 billion in recent months.
The funding rate trend has also remained positive, suggesting that buyers dominate the current market sentiment.
Source: Coinglass
These indicators suggest that the sentiment around Bitcoin is positive despite the recent transfers from Mt. Gox.
Read Bitcoin (BTC) price prediction 2024-25
Bitcoin price was trading at around $67,120 at the time of last update, down more than 1%.
The Relative Strength Index (RSI) of the daily chart showed that a bullish pattern continued.
