Hassan Maishera
TL;DR
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BTC is down by less than 1% in the last 24 hours and is still trading below $69k.
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Mt. Gox has moved another $2.2 billion worth of bitcoins to unmarked wallets.
BTC Stays Below $69k
The cryptocurrency market has been underperforming over the last few days. BTC, the leading cryptocurrency by market cap, has lost over 3% in the last seven days. After losing less than 1% in the last 24 hours, BTC is still trading below the $69k mark.
At press time, Bitcoin is trading at $68,703. The poor performance comes after the defunct crypto exchange Mt. Gox transferred around 32,371 bitcoins ($2.19 billion) to unmarked wallet addresses on Monday.
According to data obtained from Arkham, of the $2.19 billion move, about 30,371 BTC was transferred to wallet address “1FG2C…Rveoy,” and 2,000 BTC was moved to Mt. Gox cold wallet “1Jbez…LAPs6.” The 2,000 BTC was later moved to an unmarked wallet “15gNR…a8Aok.”
This latest transfer came a few days after the exchange moved 500 BTC to two unmarked wallets. This was the first move seen from Mt. Gox since the end of September.
Spot Bitcoin ETFs Record $541 Million in Outflows
In addition to the Mt.Gox news, spot Bitcoin ETFs also recorded a bad day in office on Monday. On Monday, U.S. spot bitcoin exchange-traded funds saw $541 million in net outflows. This was the largest daily net outflow since May 1 and the second-largest negative flow since trading began in January.
The outflow came after last week’s $2.2 billion inflow into spot Bitcoin ETFs. While speaking to The Block, Rachael Lucas, crypto analyst of BTCMarkets, said
“After last week’s record-breaking inflows, some degree of rebalancing is expected, as investors take profits and adjust portfolios in anticipation of market volatility. The timing likely aligns with the upcoming U.S. election results as many market participants adopt a 'wait and see' stance amid heightened geopolitical and policy uncertainties.”
With Bitcoin underperforming, altcoins are also in the red. Ether lost nearly 2% in the last 24 hours and trades at $2,426 per coin.
However, DOGE, Dogecoin’s native coin, defied the market’s trend and rallied by more than 10%. At press time, DOGE is trading at $0.1674.
