Bitcoin has fallen below $70,000 after Mt. Gox transferred $739 million worth of Bitcoin for the first time in more than two months, reviving concerns about potential selling pressure from creditors awaiting repayments. According to Arkham Intelligence data , the defunct Japanese crypto exchange moved 10,306 Bitcoin worth approximately $730.8 million from a cold wallet to an unidentified address at 4:47 a.m. UTC on Tuesday. At the same time, the exchange transferred another 116.3 BTC, valued at roughly $8.3 million, to a hot wallet. The on-chain activity arrived as Bitcoin was already facing pressure from several fronts. Market sentiment had weakened after geopolitical tensions in the Middle East escalated, while institutional investors continued pulling money from digital asset investment products. Arkham data shows the larger transfer remains "unspent," meaning the Bitcoin has not been moved beyond the receiving address. The smaller transfer to the hot wallet has already been spent, according to the blockchain analytics platform. Although the movement sparked concerns across the market, the transfer itself does not indicate that Mt. Gox has sold any Bitcoin. Is Mt. Gox selling Bitcoin? Based on the available blockchain data, the answer appears to be no. Arkham's records show that most of the transferred Bitcoin remains untouched in a new wallet. Analysts generally view such movements as part of wallet management, fund consolidation, or preparations for future creditor distributions rather than direct liquidation on the open market. The transfer comes as Mt. Gox continues its long-running rehabilitation process. The exchange began repaying creditors in July 2024 through partner exchanges Kraken and Bitstamp after more than a decade of delays. Creditors have waited since the platform's collapse in 2014, when Mt. Gox reported that roughly 850,000 BTC had gone missing. Although about 200,000 BTC were later recovered, the repayment process has required multiple deadline extensions. In 2025, the rehabilitation trustee pushed the final repayment deadline to Oct. 31, 2026, the third extension since the original October 2023 target. What worries traders is not the trustee selling Bitcoin today, but the possibility that creditors could sell some of their holdings once distributions are completed. After holding claims for more than 10 years, many creditors would be receiving Bitcoin that has appreciated substantially since the exchange collapsed. Market participants have repeatedly cited this potential supply entering circulation as a risk factor for Bitcoin's price. Despite the latest transfer, Mt. Gox still controls 34,504 BTC worth roughly $2.4 billion across its wallets, according to Arkham Intelligence. Bitcoin price analysis Pressure on Bitcoin had already been building before the Mt. Gox transfer became public. Earlier this week, Iranian state media reported that Tehran had suspended indirect ceasefire talks with the United States, citing Israel's military operations in Lebanon. Reports that Iran could consider disrupting key shipping routes, including the Strait of Hormuz, added to the risk-off mood across markets. At the same time, digital asset investment products continued to see heavy withdrawals. According to CoinShares, crypto investment vehicles recorded $1.7 billion in outflows last week, extending a three-week streak of net redemptions. Bitcoin-focused products accounted for $1.4 billion of those withdrawals, the largest weekly outflow recorded this year. Corporate selling also entered the conversation. Strategy disclosed that it sold 32 BTC between May 26 and May 31 for approximately $2.5 million to fund distributions tied to its preferred stock program. Nasdaq-listed ProCap Financial separately announced the sale of roughly 52 BTC to finance a share buyback. Technical indicators show that Bitcoin's weakness was already developing before Tuesday's wallet movement. BTC/USDT 1-day price chart. Source: TradingView. On the daily chart, Bitcoin has broken below its 20-day, 50-day, 100-day and 200-day exponential moving averages, a structure that typically signals sellers remain in control. The recent recovery attempt stalled near $82,000, where the 200-day EMA acted as resistance before prices turned lower. Meanwhile, the Relative Strength Index has dropped to 26.44, placing Bitcoin in oversold territory. While oversold readings can sometimes precede a relief bounce, the indicator continues to trend downward, suggesting bearish momentum has not yet faded. With Bitcoin now trading below the psychological $70,000 level, attention has shifted toward the next support zone around $66,000 to $68,000, an area that previously attracted buyers during the February and March consolidation period. The post What does Mt. Gox's latest Bitcoin transfer mean for BTC price? appeared first on Invezz
