Mt. Gox Moves $739M in Bitcoin as ETF Outflows Hit Record $3.45B and BTC Slides Below $71K

Bitcoin News

Defunct Tokyo-based exchange Mt. Gox shifted a combined 10,422.65 BTC worth roughly $739 million in the early hours of Tuesday, marking its largest single transfer in months and its biggest move ahead of the October 31, 2026 creditor-repayment deadline. On-chain trackers recorded the transaction on Bitcoin block 952,072 at 04:47 UTC, with 10,306.35 BTC routed to a freshly generated address beginning with 14FEEM and a smaller 116.30 BTC slice landing in the entity's known hot wallet at 1Jbez. The split pattern mirrors prior administrative transfers that preceded distributions, although none of the coins has yet moved to a custody provider or trading venue.

The same Mt. Gox transfer also drew attention because the receiving address remains flagged as unspent, leaving open the question of whether the coins are staged for creditor payouts or simply rebalanced between in-house wallets. The estate still controls roughly 34,504 BTC valued near $2.43 billion — the largest unresolved hoard tied to any failed crypto venue — and trustee Nobuaki Kobayashi has now extended the final repayment deadline three times since 2023. Around 19,500 creditors have already received funds through partner platforms since mid-2024, and any fresh distribution would meet sellers whose coins were acquired before the 2014 collapse, locking in substantial unrealized gains.

Spot Bitcoin exchange-traded products in the United States have just logged their longest and deepest redemption streak on record, with investors pulling roughly $3.45 billion across eleven consecutive sessions beginning May 15. The run eclipses the previous eight-day mark set in February 2025 and coincided with a sharp rotation of risk capital into AI-linked equities, where Nvidia climbed 6% even as BTC slid toward $70,000. Monday alone saw a further $483.8 million walk out the door, led by $440.3 million leaving BlackRock's IBIT, with Morgan Stanley's MSBT the only fund posting a modest $6.14 million net inflow.

May's monthly figures reinforced the deterioration: U.S. spot Bitcoin ETF products bled $2.43 billion in aggregate, the heaviest monthly drain since November 2025. Research desks attribute the exodus to a sticky inflation print, elevated Treasury yields and fading conviction in near-term Federal Reserve rate cuts, all of which pushed allocators to redeploy into AI semiconductor names. One analyst described the move as a "prudent risk-off" rotation rather than a structural rejection of Bitcoin, but cautioned that sustained institutional selling pressure is bearish in the short term and raises the probability of further downside before the cohort returns as net buyers.

Strategy, the publicly traded firm built around aggressive Bitcoin accumulation, disclosed on Monday that it sold 32 BTC for approximately $2.5 million to cover distributions on one of its preferred-stock series. The disposal is microscopic against the company's overall position, yet it carries outsized signaling weight as the first BTC sale since December 2022 and arrives after months of Executive Chairman Michael Saylor publicly championing a pure buy-and-hold doctrine. Market commentators argue the timing was poorly chosen, damaging the corporate treasury narrative just as ETF demand cooled and contributing to the slide that took BTC under $71,000 for the first time in weeks.

On-chain analytics firms now describe the network as increasingly populated by holders rather than active buyers, with both ETF accumulation and corporate treasury additions decelerating sharply in recent months. The combination of a record redemption streak from regulated U.S. funds, the symbolic Strategy sale and a looming $739 million Mt. Gox overhang has compressed sentiment, while stalled U.S.–Iran ceasefire talks have added a geopolitical risk premium. Derivatives positioning shows reduced leverage and falling open interest, suggesting traders are de-risking rather than fading the move, and demand from the cold wallet cohort of long-term holders has yet to absorb the supply.

Bitcoin is changing hands near $70,031, down 4.19% over 24 hours with a market capitalization of roughly $1.41 trillion and turnover of $28.14 billion. Immediate support sits at $70,195, followed by stronger floors at $68,552 and $66,862, while resistance bands at $70,549, $72,673 and $75,157 cap any rebound attempt. The RSI at 28.1 prints firmly oversold and a bearish MACD crossover confirms downside momentum within the broader bear market tape. Reclaiming $72,673 on closing strength would invalidate the bearish setup; a daily close beneath $68,552 opens the path toward $66,862.