The Mt. Gox exchange has completed a major Bitcoin transfer totaling nearly $1 billion, coinciding with a significant drop in the cryptocurrency's value.
Major Transfer by Mt. Gox and Its Details
According to blockchain analytics firm Lookonchain, Mt. Gox recently transferred 11,833 BTC, valued at approximately $931.2 million at the time of the transaction. Most of this amount, 11,501 BTC, was sent to a newly created wallet, while a smaller portion of 332 BTC was directed to a warm wallet. This transfer follows a similar transaction on March 6, when the exchange moved 12,000 BTC worth over $1 billion.
Market Reaction and Comments
The Bitcoin movement coincided with a rapid 2.4% drop in its price to $76,784 within 30 minutes, before recovering to $79,275. Arthur Hayes, the chief investment officer of Maelstrom, urged investors to be patient, predicting that Bitcoin might bottom around $70,000.
Current Situation and Future Steps for Mt. Gox
After gradually offloading assets since June 2024, Mt. Gox now holds approximately 24,411 BTC worth $1.94 billion. The exchange collapsed in 2014 after losing over 800,000 BTC. While some creditors have received cash repayments, many are still awaiting BTC payouts. The repayment deadline has been extended to October 31, 2025, potentially delaying further liquidation events.
Mt. Gox's transfers continue to impact the market, causing fluctuations in Bitcoin's value. Creditors eagerly await their repayments while the exchange executes large transactions.
