Aleksey Bilyuchenko, key figure in the historic Mt. Gox hack, has recently transferred 1,300 BTC to exchanges, sparking fears of significant selling pressure in the crypto market. The ghosts of the past still linger, impacting current market sentiments.
As Bitcoin attempts to preserve its market structure, an on-chain alert has reignited concerns. According to analysts at Arkham Intelligence, wallets linked to Aleksey Bilyuchenko, the former BTC-e administrator and alleged Mt. Gox hacker, have recently reactivated.
Specifically, 1,300 BTC, worth approximately $114 million, were transferred to CEX (Centralized Exchanges). In crypto parlance, a transfer from a cold wallet to an exchange is typically interpreted as an intention to sell. This movement comes amid sensitive liquidity conditions, where any massive order can trigger a bearish wick.
While this volume remains absorbable for the current market, the concern stems primarily from the remaining funds. Data shows that approximately $360 million worth of Bitcoin still remains in these wallets, constituting a veritable sword of Damocles capable of fueling FUD.
The primary fear is that prolonged selling pressure could emerge if these funds were to be liquidated gradually, stifling any attempt at a bullish rally in the short term. It is important to distinguish these movements from the official Mt. Gox repayments, which follow a different and more regulated process.
On the market side, BTC is showing resilience for now, but trader psychology remains fragile. A bearish scenario could materialize if the market absorbs massive BTC sales, triggering cascading liquidations. Conversely, an OTC or fractional sale would limit the impact on the spot price.
Verdict: Vigilance is warranted. As long as the remaining $360 million has not been moved or liquidated, the market will continue to closely monitor wallets linked to Bilyuchenko. Traders must carefully track on-chain data and avoid excessive leverage to protect themselves against potentially heightened volatility in the coming days.
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