Mt. Gox, the defunct cryptocurrency exchange, has transferred 11,833.6 BTC, worth approximately $931 million, to unknown addresses, fueling speculation about potential sell-offs in the market. The transactions, which occurred on March 11, were flagged by on-chain data from Arkham Intelligence.
Breakdown of Transfers
According to Arkham, the transactions included:
- 11,501.58 BTC (~$905 million) moved to an unidentified wallet.
- 332 BTC (~$26.1 million) transferred to a warm wallet.
These transactions follow another significant movement by Mt. Gox on March 6, when over $1 billion in Bitcoin was transferred to a wallet labeled “1Mo1n”. Today’s transactions originated from that same wallet, which is now recognized as an official Mt. Gox address. Despite these transfers, Mt. Gox still holds 35,915 BTC, valued at approximately $2.85 billion.
Market Implications and Trader Sentiment
Historically, Mt. Gox-related transactions have caused market fluctuations due to fears of large-scale sell-offs. However, the impact of these transactions has lessened over the years. While the latest Bitcoin movements have not immediately affected BTC’s price, traders remain cautious about the potential for increased selling pressure from creditor repayments.
Bitcoin has already experienced a seven-week decline, losing nearly 30% from its all-time high of $109,000. Social media discussions about lower Bitcoin price expectations have surged, a sign that retail traders may be capitulating, according to a March 11 market analysis by Santiment.
Mt. Gox’s Prolonged Bankruptcy Process
Mt. Gox has been embroiled in a lengthy bankruptcy process following its 2014 collapse, which resulted in the loss of over 800,000 BTC. While some creditors have received cash repayments, many are still waiting for Bitcoin payouts. The repayment deadline was extended to October 31, 2025, further delaying potential liquidation events.
Bitcoin’s Next Move: Key Support Levels and Predictions
With Bitcoin trading around $79,000, down 4% in the last 24 hours, traders are closely watching for signs of further downside. According to BitMEX co-founder Arthur Hayes, Bitcoin could find a bottom around $70,000, in line with past bull market retracements. Hayes suggested that central bank actions and stock market movements could heavily influence Bitcoin’s next major price shift.
As uncertainty looms over Bitcoin’s near-term trajectory, the market remains on edge, monitoring potential creditor repayments and institutional sentiment shifts.
