An analytics account on the X platform, Arkham Intelligence, has spread the word about the infamous Bitcoin exchange Mt. Gox’s latest (BTC) transfer. According to the report, a Mt. The Gox-linked wallet moved BTC worth approximately $739 million to a new wallet.
The BTC move from Mt. Gox has sparked renewed volatility concerns because of its October 2026 repayment deadline. The move has ignited talks in the crypto community about a potential sale. Already, the BTC price is feeling the heat of selling pressure.
Mt. Gox Transfers $739M in Bitcoin to a New Wallet
Mt. Gox, the world’s largest Bitcoin exchange, its 2014 collapse looks to be preparing to sell BTC. Arkham Intelligence reports that a wallet linked to the exchange has moved a total of 10,306 BTC worth nearly $739 million to a new wallet.
There are talks about a potential BTC sale because Mt. Gox is preparing to repay its users from its 2014 collapse. However, the data from Arkham Intelligence shows that the wallet that received the BTC is new. The wallet is not linked to any exchange to hint at selling.
This suggests that there may be no need to worry yet. The transaction may just be a part of internal wallet management at Mt. Gox. It may also be preparation for future distributions, rather than direct BTC selling pressure.
Strive Asset Management has also been expanding its Bitcoin treasury by purchasing BTC from Mt. Gox. There could also be a chance that this transfer is part of Strive’s BTC treasury move, which involves buying 75,000 BTC.
MicroStrategy Sells 32 BTC
A clearer reason for Bitcoin price decline is the recent sale of BTC from Strategy (NASDAQ:). The biggest Bitcoin treasury company sold 32 BTC for $2.5 million, at an average of $77,135, per a Monday filing.
Strategy is popular for its aggressive Bitcoin purchases, and this sale is its first since 2022. As the company broke its “never sell” BTC strategy, pressure was mounted on Bitcoin, leading to a major price drop.
Bitcoin Reacts To the Selling Pressure
Although the reason behind the Mt. Gox Bitcoin transfer isn’t clear, BTC price reacted sharply to the selling pressure. Per CoinMarketCap, Bitcoin price has fallen by 4.5% on the daily chart.
This decline intensifies the weekly sell-off, which has seen the Bitcoin price plunge by 10.1%. The decline has sent Bitcoin price as low as $69,500. This is the lowest Bitcoin has traded since April 2026.
Technical Indicators Point To More Decline
Technical indicators are painting an even more bearish picture for Bitcoin. The BTC indicators from Investing.com show that Bitcoin technical indicators and moving averages are flashing strong sell signals across short to mid-term timeframes.
The MACD (12,26) indicator is very bearish at -1570.7. The CCI (14) and RSI (14) are also in the deep bearish zone. What these indicators are saying is that in the short-term BTC could continue dropping. If this bearish momentum continues, BTC price could drop to $68,000.