Bitcoin falls below $60,000 amid Mt. Gox transfers and ETF outflows

Key facts

• Bitcoin price fell below $60,000.
• Mt. Gox transferred 116.3 BTC to Bitstamp for creditor repayments.
• Bitcoin ETFs have experienced continuous outflows.
• Large withdrawals of HYPE tokens were noted from Kraken and Coinbase.

Bitcoin's price declined below $60,000, with concerns mounting over potential selloffs due to ongoing transfers from Mt. Gox and persistent outflows from Bitcoin ETFs. The defunct exchange moved 116.3 BTC, valued at $8.16 million, to Bitstamp as part of its creditor repayment process, which has a deadline of October 31, 2026. This follows an earlier transfer of 10,422.65 BTC ($739 million). Separately, the HYPE token saw significant activity, with large withdrawals from Kraken and Coinbase being staked, suggesting accumulation despite market conditions. The overall market sentiment has shifted towards risk-off, further impacting Bitcoin's price.