The specter of Mt. Gox, the long-defunct cryptocurrency exchange, may once again loom over the Bitcoin (BTC) market, with significant implications. On an early Wednesday, a notable movement was observed—an address linked to the collapsed platform transferred a substantial 13,265 BTC, an amount translating to approximately $784 million. Among this, a majority of 12,000 BTC found its way into a new address tagged “1PuQB,” as per insights from Arkham Intelligence, a prominent data-tracking platform.

Concurrently, the residual BTC made its way to the “1Jbez” address, which Arkham has earmarked as the cold wallet belonging to Mt. Gox. Even after this movement, the insolvent exchange retains over 46,000 BTC in its reserves.

The restitution process for Mt. Gox creditors has been a pivotal factor contributing to downward pressure on BTC’s price throughout the summer. Nevertheless, this latest flurry of on-chain activity may not result in a substantial market impact, according to Alex Thorn, the head of research at Galaxy Digital.

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Thorn elucidated on X, “We currently surmise that out of the 13,265 BTC shifted in this transaction, a mere 1,265 BTC (approximately $74.5 million) is designated for distribution, with the remaining 12,000 BTC likely destined for fresh cold storage within the estate—thus, the market impact may be minimal.”

In the aftermath of this transaction, Bitcoin’s price has remained relatively stable, hovering just above the $59,000 mark, as evidenced by data from CoinDesk.