Bitcoin (BTC) encountered intensified sell-offs on Tuesday as blockchain intelligence revealed the insolvent exchange Mt. Gox initiated internal coin transfers, presumably for creditor repayments.

The premier digital currency by market capitalization experienced a 3% drop, momentarily descending below $63,000 after nearing the $65,000 threshold during early Asian trading, per CoinDesk’s report.

This downturn coincided with an initial transfer of 0.021 BTC ($1,000) from Mt. Gox’s wallet to the blockchain address: 1EoZd1QNCiN9JbnsqvLRDbHKLygAsXHg3V. This minor transaction, seemingly a trial move, preceded a substantial transfer of 44,527 BTC ($2.84 billion) to an internal wallet, as per Arkham Intelligence’s data.

On-chain analyst Lookonchain suggested that this movement aligns with Mt. Gox’s repayment strategy. Once the largest bitcoin exchange globally, Mt. Gox collapsed in 2014 following a massive bitcoin theft. The exchange commenced debt settlements on July 4, raising concerns of extensive selling by creditors who have awaited reimbursement for a decade.

Bitcoin’s decline influenced the wider market, with Ether (ETH), the second-largest cryptocurrency by market value, dropping over 2.5% to $3,400. The CoinDesk 20 Index (CD20), a broader market barometer, also fell by more than 2%, landing at 2,182.