Former Crypto Giant Mt. Gox Moves Millions in Bitcoin
On march 11, the defunct crypto exchange Mt. Gox transferred 11,833.6 Bitcoin, valued at around $931 million, to new wallets. This move has raised concerns about potential sell-offs.
According to Arkham Intelligence, the transfer included 11,501.58 BTC, worth about $905 million, to an unkown wallet. Another 332 BTC, valued at $26.1 million, went to a warm wallet. These transactions follow a $1 billion BTC transfer to a wallet named â1Mo1nâ on March 6. The wallet is now confirmed as an official Mt. Gox address. The exchange still holds about 35,915 BTC, worth roughly $2.85 billion. Historically, such actions by Mt. Gox have sparked market fears. However, the latest transfers havenât immediately affected Bitcoinâs price. Traders remain cautious, fearing increased selling pressure due to creditor repayments.
Since its 2014 collapse, Mt. Gox has been in bankruptcy. Many creditors await BTC payouts.The repayment deadline is now October 31, 2025. The market is wary, but the impact of such moves has lessened over time.
Bitcoinâs price hasnât dropped yet, but traders are on edge.The cryptocurrency is down 4% in the last 24 hours,trading at $79,000. The market is bearish, with retail sentiment turning negative. Social media discussions about lower prices have increased, signaling possible investor capitulation. Yet, past recoveries followed similar sentiment shifts.
Arthur Hayes, BitMEX co-founder, predicts Bitcoin may bottom near $70,000. Central bank actions and stock market declines could influence its next move.
- Mt. Gox transferred $931 million in Bitcoin.
- Market fears potential sell-offs.
- Bitcoin price is currently $79,000.
