To what extent will such transactions affect the crypto market or were these actions priced into investors’ expectations? Will there be any long-term consequences?
Mt. Gox has made some transfers of BTCs as part of its obligations. According to Arkham, transfers of 47,229 BTCs and 48,641 BTCs were made to unidentified addresses. The exchange has moved large amounts of money before, but it did so between cold wallets.
In total, Mt. Gox is expected to transfer 138,985 BTCs worth $8.74 bln.
It was widely assumed that these transactions could have a large-scale impact on the cryptocurrency market. However, today the bitcoin price is rising and remains around $63,621. The price action is up 2% on the day and the weekly increase is almost 11%.
According to one point of view, all these movements have already been priced in. After the initial actions of Mt. Gox, there were some major reactions. They could be due both to an overestimation of market conditions and the actual change in the supply of BTC held at the exchange.
Therefore, it makes sense to watch how the story evolves. So far there are no obvious consequences from this action by the defunct exchange.