Bitcoin (BTC) traded near $66,000 as defunct exchange Mt. Gox started to move its latest tranche of the asset to crypto exchange Bitstamp, which has previously led to sell-offs in the broader crypto market.
Arkham data shows Mt. Gox transferred over $2.85 billion worth of BTC to a new wallet in the early Asian morning hours on Tuesday. It then sent over 5,000 BTC, worth $340 million at current prices to one wallet, and another 37,000 BTC, worth $2.5 billion, to another new wallet.
Some $130 million worth of BTC from the 5,000 BTC wallet was then transferred to Bitstamp, data shows. Moving to exchanges usually signals an intention to sell holdings.
The movements come a day after Mt. Gox moved small amounts to BTC to Bitstamp, likely as a test transaction.
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In early July, Mt. Gox began repaying creditors affected by a 2014 hack. Over $9 billion worth of BTC and $73 million of bitcoin cash (BCH) will be distributed to traders in the coming months.
Bitcoin dropped below $67,000 earlier Tuesday as Mt. Gox started to move assets, denting market sentiment as U.S. investors look to start trading spot ether (ETH) exchange-traded funds for the first time later in the day.