Bankrupt stock exchange Mt. An address associated with Gox moved approximately 500 BTC. However, it is unclear whether this is related to refunds. Elsewhere, WisdomTree transferred $599 million worth of Bitcoin and Ethereum to the Coinbase exchange. The fund manager currently holds $388 million in BTC and $41.9 million in ETH. These latest movements raise concerns for cryptocurrency investors. An experienced analyst says ETH price will take a deep dive.
Mt. Gox made a $35 million BTC transfer!
Bankrupt Mt. Bitcoin associated with the Gox exchange is on the move again. On-chain data shows a transfer of $35 million to unknown addresses on November 1. It’s unclear whether the move is part of an effort to repay creditors. Blockchain intelligence platform Arkham, Mt. Gox cold wallet, revealing the transfer of 500 Bitcoins worth approximately $35 million. The address in question made two transfers of 31.78 BTC and 468.24 BTC to two addresses. This means that in about a month Mt. It was the first major cryptocurrency movement from Gox-related wallets. According to Arkham, Mt. Gox flagged addresses still have 44,905 BTC worth approximately $3.1 billion.
Mt. Gox BTC transfer. Source: Arkham Intelligencecryptokoin.comAs you follow from Mt. In his first major transaction since late July, when the trustee managing Gox assets began distributing funds to creditors, he moved 12,000 coins, worth about $700 million at the time, to a new unknown wallet address. Earlier this month Mt. Gox postponed the deadline to repay its creditors by one year. Thus, the deadline for payment was reduced to October 31, 2025.
WisdomTree’s large cryptocurrency transfers attracted attention!
On-chain analysis firm Onchain Lens reported WisdomTree’s latest transfers, citing Arkham Intelligence data. According to the report, the fund manager deposited 8,258 thousand BTC worth approximately $598.89 million into Coinbase. Simultaneously, he deposited 48.83 ETH ($125,000) into the same exchange since October 31. The total of BTC and Ethereum deposits was around $599 million. This weighed on investors’ sentiment, especially amidst a turbulent scenario in the market.
Meanwhile, the report states that WisdomTree still holds 5,611 BTC worth about $388 million and about 16,767 ETH worth $41.9 million. This further increased concerns that if the company continues to move forward with its sales plans, it could put more pressure on cryptocurrency prices.
Source: Onchain LensAre cryptocurrency prices at risk?
The global crypto market has seen a sharp decline recently. Bitcoin and other top altcoins saw sharp declines. The overall crypto market cap is down approximately 3.9% today. In this environment, BTC price decreased by over 4%. The price of the leading altcoin ETH recorded a 5% decrease. Bitcoin price witnessed steady momentum throughout October. So, he mirrored his usual “Uptober” performance. Additionally, BTC approached its ATH of $73,750 last week, indicating increased confidence from investors.
On the other hand, while Ethereum price posted slight gains throughout October, it failed to mirror the strong rise seen in BTC. However, despite WisdomTree’s recent cryptocurrency sell-off, a number of investors remain optimistic given the upcoming US Presidential Elections. Many in the crypto community expect digital assets to gain positive momentum following the election. However, some analysts point to $59,364 for Bitcoin if the sell-off continues. At the same time, veteran analyst Peter Prandt predicts a decline for Ethereum to $1,550.
