Failed cryptocurrency platform Mt. Gox has shifted around $75.36 million worth of Bitcoin to Bitstamp in preparation for potential payouts to its creditors, according to data from Arkham Intelligence.

Crypto Market Reacts to Mt. Gox Bitcoin Transfers

The Japanese exchange transferred 1264.71 BTC, equivalent to $75.36 million, to Bitstamp’s wallet on August 21, 2024, causing some fluctuations in the crypto market.

Following this move, Bitcoin experienced a 0.3% drop in value over 24 hours. Ethereum rose 0.1%, while BNB fell 2.7%, Solana decreased by 1.8%, and XRP had a minor 0.3% drop.

Additionally, the total crypto market cap decreased from $2.12 trillion to $2.06 trillion, with $87.80 million worth of liquidations recorded in the same period.

Possible Creditor Payout Incoming

The $75 million BTC transfer to Bitstamp has sparked speculation about another creditor payout from Mt. Gox. A previous transfer of 13,264 BTC, valued at $784.20 million to an unknown wallet, also adds to the anticipation.

Bitstamp was chosen by Mt. Gox trustees to handle the distribution of funds to creditors, with some payouts already initiated in July 2024. Concerns linger within the crypto community about a potential market sell-off despite assurances from creditors to retain their digital assets.

Data from CryptoQuant indicates that reimbursed Mt. Gox creditors tend to hold onto their Bitcoin rather than sell it off, showing confidence in the cryptocurrency’s long-term prospects.

While Alex Thorn of Galaxy Digital believes that most creditors trust in Bitcoin’s future and possess a solid understanding of the technology, the impact of Mt. Gox’s recent transfers on the crypto market’s short to medium-term stability remains uncertain. Mt. Gox still retains over 34,000 BTC, valued at over $2 billion at present prices.