Bitcoin Nears $66K as Mt. Gox Moves $130M to Bitstamp

Bitcoin {{BTC}} traded close to $66,000 after bankrupt exchange Mt. Gox began moving the last tranche of the asset to crypto exchange Bitstamp, a move that had previously sparked a sell-off in the broader crypto market.

Arkham data shows that Mt. Gox transferred $2.85 billion worth of BTC to a new wallet in the early Asian morning hours on Tuesday. It later sent more than 5,000 BTC, worth $340 million at current prices, to one wallet and 37,000 BTC, worth $2.5 billion, to another new wallet.

Data shows that around $130 million worth of BTC from 5,000 BTC wallets was then transferred to Bitstamp. Moving to exchanges typically signals an intention to sell assets.

The moves come a day after Mt. Gox transferred small amounts of BTC to Bitstamp, likely as a test transaction.

In early July, Mt. Gox began paying creditors affected by a 2014 hack. More than $9 billion worth of BTC and $73 million worth of bitcoin cash {{BCH}} will be distributed to investors in the coming months.

Bitcoin fell below $67,000 on Tuesday as Mt. Gox began moving its assets, hurting market sentiment as U.S. investors waited to begin trading spot ether {{ETH}} exchange-traded funds for the first time later in the day.