On August 21, 2024, Mt. Gox, the defunct and oldest crypto exchange, moved over 14,530 Bitcoin (BTC), worth $860 million, within 24 hours, as confirmed by the on-chain analytic firm Spotonchain.

This significant transfer has led to massive selling pressure in the overall cryptocurrency market.

Market analysts speculate that Bitcoin prices may drop to $54,000 due to the recent movements of these substantial BTC holdings.