Mt. Gox moves over $700 million into Bitcoin

The famous interchange Mt. Gox made the first major Bitcoin transaction in weeks, transferring over $700 million worth of BTC to unknown wallets.

According to data tracked by Arkham Intelligence, Mt. Gox moved 12,000 BTC worth $709 million to one address and 1,265 BTC worth $75 million to another on Wednesday morning. The addresses of the recipients are unknown, sparking speculation that Mt. Gox could distribute more coins to creditors from the remaining Bitcoin hoard.

Mt. Gox owes billions to depositors affected by its massive hack in 2014. The exchange has slowly reimbursed victims, putting selling pressure on markets this summer. They have so far returned about 68% of lost user funds. But the defunct exchange still holds about 34,000 BTC worth nearly $2 billion, even after this week’s transfers.

The market remained unfazed by the latest Bitcoin move by Mt. Gox, BTC holding over $59,000. Some analysts believe that selling pressure from refunds is decreasing as lenders opt for hodl coins.

The victims of Mt. Gox defied expectations by apparently holding rather than instantly selling the returned bitcoin. Many receivers view Bitcoin as a long-term investment and are reluctant to sell.

While it is unclear whether the latest transfer will be sold, it marks Mt.’s first major BTC change. Gox since the end of July. Such chain moves often precede distributions to creditors.