The long-defunct Mt. Gox exchange has moved a staggering $1 billion worth of Bitcoin, marking its first major transaction in over a month. This movement has once again stirred discussions in the crypto community, with traders closely monitoring potential market impacts.
12,000 BTC Shifted from Mt. Gox Wallet
On March 6, blockchain analytics firm Arkham Intelligence flagged a significant transaction involving 12,000 Bitcoin (BTC) from a Mt. Gox-linked wallet (1PuQB). The transaction, which incurred a nominal $1.64 in fees, split the BTC into two destinations. Approximately 166.5 BTC (~$15 million) was sent to the exchange’s cold storage (1Jbez), while the remaining 11,834 BTC was transferred to an unknown wallet (1Mo1n).
Mt. Gox-associated wallets now hold around 36,080 BTC, valued at approximately $3.26 billion, according to Arkham Intelligence. This marks the first significant movement from these wallets since January when a minor 4 BTC transfer occurred between cold storage addresses.
Uncertainty Surrounding the Transaction
The reason behind this latest transfer remains unclear. However, past Mt. Gox wallet activities have led to speculation about creditor repayments and possible Bitcoin liquidations. In December, the exchange shifted 1,620 BTC through unidentified addresses, following a more substantial 24,000 BTC movement weeks prior.
Creditors of the defunct exchange are still seeking repayments after years of legal proceedings. The Mt. Gox trustee recently extended the repayment deadline from October 31, 2024, to October 31, 2025. While some creditors have already received fiat repayments, others await disbursements in Bitcoin or Bitcoin Cash (BCH).
Potential Market Impact
Historically, Bitcoin transactions linked to Mt. Gox have led to market volatility, as fears of large sell-offs loom over the industry. However, this latest movement has not caused an immediate drop in BTC prices. Despite concerns, traders remain watchful, anticipating possible sell pressure if full repayments commence.
Meanwhile, Bitcoin has been experiencing fluctuations driven by broader macroeconomic events. The cryptocurrency market recently reacted to new trade tariffs imposed by U.S. President Donald Trump on March 4, causing increased volatility. Over the past week, Bitcoin hit a high of $94,769 on March 3 before plunging to $82,681 on March 4 amid concerns about global trade instability.
As of now, Bitcoin has rebounded above $90,000, with the crypto.news price tracker showing it trading at $91,224, up 4% in the last 24 hours.
While the latest Mt. Gox transaction has yet to trigger a major market reaction, the crypto industry remains on high alert. With the extended repayment deadline and looming uncertainty about future BTC movements, investors continue to speculate on how Mt. Gox’s remaining Bitcoin reserves could impact the market in the months ahead.
