Bitcoin (BTC) failed to hold the $68,000 mark on Tuesday as Mt. Gox initiated a heavy transaction to repay its creditors. BTC price slid to the lower levels of $66,000 as selling pressure increased in the market.
Also read: Grayscale prepares for spot Ethereum ETFs launch with $1 billion
In the latest move, the defunct crypto exchange Mt. Gox shifted more than 47.5K Bitcoin (approx worth $3.2 billion) to multiple crypto addresses.
According to Arkham, Mt. Gox transferred 42.6k BTC ($2.85 billion) to an address starting with 15yPU at 13:06 UTC+8. The next transaction made by the defunct crypto exchange’s cold wallet turned out to be 2,238 BTC ($149 million) to Bitstamp. It also moved 2,871 BTC ($191 million) to an unmarked address.
Mt. Gox still holds 90k Bitcoin
Mt. Gox has sent 5110 Bitcoin, worth approximately $340 million, to 4 separate Bitstamp addresses. Bitstamp is one of the 5 exchanges that Mt. Gox Trustee is working with in order to return funds to creditors.
It also sent 1598 BTC, worth approximately $106.3 million, to Bitstamp cold wallet starting with 3QTCJEY, while its wallet beginning with 3QVD5Hv received 2239 BTC, worth approximately $149.1 million.
Data shows that Mt. Gox still holds 90.3k Bitcoin, worth approximately $6.02 billion.
Bitcoin ETFs record $486M inflow as price slides below $67K
Bitcoin witnessed heavy selling pressure due to the repayments initiated by the defunct crypto exchange. BTC price dropped by almost 2% in the last 24 hours. This move has affected the crypto’s bullish run to reach $70K again. BTC trades at an average price of $66,422, as of press time. It is still up by 57% over a one-year period.
Also read: Bitwise will donate 10% of its spot Ether ETF profits to dev
Data provided by Coinglass depicts that around $3 million worth of long and short positions set on BTC’s price got liquidated in the last 24 hours. Over $2.43 million (80.99%) of the position liquidated turned out to be long bets, suggesting that the bulls were hoping for a positive run but Bitcoin failed to do so.
Spot Bitcoin ETFs maintained their net inflow streak, extending it to 12 consecutive days. ETFs cumulatively recorded a total net inflow of $486 million on July 22, 2024. BlackRock’s iShares Bitcoin Trust (IBIT) registered a single-day net inflow of $526.7 million while Fidelity ETF FBTC saw a net inflow of $23.72 million.
The day before, iShares Bitcoin Trust recorded an inflow of $526.7 million. It was recorded to be the highest single-day tally since March. BlackRock’s IBIT alone has seen an inflow of $19.5 billion since its inception.
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