Some Bitcoin was transferred to Bitstamp as Mt Gox disburses over $2.5 billion worth between wallets.
Bitcoin (BTC) was trading around $66,000 when the defunct Mt. Gox exchange initiated a transfer of its latest batch of cryptocurrency to Bitstamp, a move historically associated with broader sell-offs in the crypto market.
According to Arkham data, $2.85 billion worth of BTC was transferred by Mt. Gox to a new wallet early Tuesday, which was subsequently moved to two different new wallets.
When exchanges begin to transfer assets, it signifies the need to sell holdings because some $130 worth of Bitcoin were transferred to Bitstamp from the 5000 BTC wallet.
The movements come a day after Mt. Gox moved small amounts to BTC to Bitstamp, likely as a test transaction.
In early July, Mt. Gox began reimbursing creditors affected by a 2014 hack. Over $9 billion worth of BTC and $73 million worth of Bitcoin Cash (BCH) are set to be distributed to traders in the coming months.
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