The spot Ethereum ETF craze that started last Monday affected the entire market and had a significant impact on Bitcoin. Following this event, the Bitcoin price returned to the $70,000 level, giving investors a breather. At one point, the price even rose to $72,000. However, a news report that emerged recently seems to have harmed the market.
What Will Happen to Bitcoins?
A recent report revealed that a cold wallet belonging to the Mt. Gox exchange, which has been central to a process spanning from past to present, transferred 12,400 Bitcoins to an unknown address.
Arkham Intelligence discovered that this transfer, reflected in the charts, was completed in 5 different transactions. The first 4 transactions involved 2,000 BTC each, while the last transaction transferred 2,240 BTC.
Meanwhile, the Mt. Gox address still holds 137,892 BTC. It is known that Mt. Gox will distribute its 142,000 BTC and 143,000 BCH assets to creditors before October 31, 2024.
The reason for the transfer is unknown, but it negatively impacted the Bitcoin price.
What is the Current Bitcoin Price?
Following the news, the Bitcoin price plummeted within minutes. The price dropped from $69,400 to $68,400 and is currently trading around $68,700.
Bitcoin’s market cap fell to $1.35 trillion, reflecting a drop of less than 1%. The 24-hour trading volume increased after the sudden drop. Following a 65% positive change, BTC’s 24-hour trading volume reached $27.2 billion.
This volume increase in Bitcoin can be interpreted in different ways. On one hand, it shows how eager investors are to buy Bitcoin. On the other hand, combined with the price drop, it can be seen as an indicator of short selling.