As an analyst with over two decades of experience in the financial markets, I have seen my fair share of market moves that would make even the most seasoned investors blink twice. Today’s news about $2 billion in Bitcoins moving to OKX from the infamous Mt. Gox wallet is one such event.
Yesterday, following Mount Gox wallet’s transfer of approximately $2 billion in Bitcoins, I noticed a comparable movement today from the crypto exchange OKX. According to blockchain data, a Mount Gox address moved a total of 33,100 Bitcoins within the past 24 hours.
$2 Billion in Bitcoins Move to OKX
According to PeckShield Alert’s latest report, an address linked to Mt. Gox has moved approximately 33,100 Bitcoins, equating to a massive $2 billion, to a newly identified bc1qpn…7k53 address. Additionally, within the past 24 hours, this same Mt. Gox address also transferred roughly 117 Bitcoins, equivalent to around $7 million, to the crypto exchange OKX.
#Alert from PeckShield: An account with the Mt. Gox label has moved out approximately 33,100 Bitcoin (around $2 billion), distributing 33,023 BTC to a new wallet bc1qpn…7k53 and 117 BTC (about $7 million) to OKX within the past 24 hours.
— PeckShieldAlert (@PeckShieldAlert) August 14, 2024
Yesterday’s event follows on from Mt. Gox moving 2 billion dollars worth of Bitcoins and Bitcoin Cash to the cryptocurrency exchange BitGo, which is one of the last payments to creditors in both BTC and BCH.
Progress on Mt. Gox’s fund distribution is advancing significantly, with around 70% of the process now finished. Approximately $3.2 billion in Bitcoin has been dispersed to around 17,000 claimants. Yet, investors should stay vigilant about future Bitcoin price fluctuations as Mt. Gox developments unfold.
According to CryptoQuant’s report, there’s been a significant increase in activity from Bitcoin wallets that haven’t been used for a long time. This recent activity has caused some volatility in the Bitcoin market. When these old Bitcoins are taken out of storage and sold, it usually triggers more selling in the market.
All Eyes on the US CPI Inflation Data
Attention is heavily focused on the upcoming U.S. Consumer Price Index (CPI) inflation data for July, as recent indications suggest a decrease in PPI inflation rates in the U.S. This focus has sparked significant activity in the market, with Bitcoin and other cryptocurrencies experiencing a surge over the past two days.
To elaborate, there’s been a substantial increase in institutional interest for digital assets, as investments into Bitcoin and Ethereum ETFs have picked up once more. Notably, Goldman Sachs, a leading bank, amassed approximately $400 million in exposure to Bitcoin ETFs during the second quarter of this year, according to recent reports.
At present, the Bitcoin price hovers around $61,000, bolstered by an influx of approximately $2.5 billion in liquidity from the combined reserves of Tether (USDT) and USD Coin (USDC), the two prominent stablecoins.
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2024-08-14 13:23