TLDR
- A massive Bitcoin transfer by Mt. Gox on March 25 involved 11,501 Bitcoin, equivalent to nearly $1 billion.
- This recent transaction is the third major Bitcoin move executed by Mt. Gox within this month.
- The exchange, Mt. Gox, still retains a chunky hoard of about 35,000 Bitcoin, which hold a value of around $3.1 billion.
- Some of these Bitcoin transfers made their way to the crypto exchange Bitstamp.
- The timeline for repaying Mt. Gox's creditors has been prolonged until October 31, 2025.
The now-defunct Mt. Gox has moved 11,501 Bitcoin amounting to about $1 billion. This is the third big move by the exchange in the month of March, alone.
Arkham Intelligence, a blockchain analytics firm, disclosed the huge Bitcoin transfer on March 25, noting Mt. Gox sent 893 Bitcoin, worth $78 million, to a cold wallet and 10,608 Bitcoin, equating to $929 million, into a wallet dubbed the Mt. Gox change wallet.
ARKHAM ALERT: MT GOX MOVING $1B $BTC
Exactly 893 BTC made their way to the Mt. Gox Hot Wallet [1Jbez], while 10,608 BTC were transferred to the change wallet 1DcoA. pic.twitter.com/akr3hqSasD
— Arkham (@arkham) March 25, 2025
Following two other hefty transfers earlier this month, this latest move by Mt. Gox continues the trend. The exchange previously relocated 12,000 Bitcoin worth over a billion on March 6, followed by another 11,833 Bitcoin on March 11.
Spot On Chain, a blockchain platform, shared that one of the earlier transfers this month was directed to the cryptocurrency exchange Bitstamp. The same analytics platform hinted that the 893 Bitcoin moved to Mt. Gox’s warm wallet are poised to move out soon.
[ATTENTION] Mt. Gox just moved 11,501.4 $BTC ($1B) again!
This includes 10,608 $BTC ($929.7M) sent to a new wallet and 893.4 $BTC ($78.3M) to a warm wallet.
It's worth noting, after Mt. Gox’s previous shift, 332 Bitcoin... $BTC ($25.5M) was deposited into #Bitstamp . It is likely the 893.4 $BTC … https://t.co/8HryhiHSoT pic.twitter.com/NBQtcWSREJ
— Spot On Chain (@spotonchain) March 25, 2025
Despite these massive transfers, Arkham’s data reveals that Mt. Gox still holds an impressive stash of about 35,000 Bitcoin. These remaining funds are valued at about $3.1 billion held within exchange-controlled wallets.
To many observing the crypto market, these considerable moves might indicate that payouts for creditors are on the horizon. Quite a few of Mt. Gox's creditors have the choice to receive their settlements in Bitcoin, rather than fiat currency.
A Reddit poll in July 2024, following the initial payout by Mt. Gox, unveiled that many creditors had no immediate plans to sell their Bitcoin. This implies a limited instant selling pressure resulting from these distributions.
Remembering a once-mighty name in crypto history.
Mt. Gox was a colossal figure as the leading Bitcoin exchange globally before its downfall, commanding a dominant 70-80% of the planet’s Bitcoin transactions. The financial collapse came early in 2014 after an enormous hack led to 850,000 Bitcoin vanishing.
After the bankruptcy, a Tokyo-based court designated a trustee to manage the winding-down process. This trustee is tasked with reimbursing creditors using any of the exchange's remaining resources.
Come October 2024, this trustee extended the repayment due date by an extra year, pushing it to October 31, 2025. The extension was deemed necessary since many creditors hadn’t finished completing the requisite formalities to receive their payments.
Last December, Mt. Gox also dispatched an additional 24,000 Bitcoin totaling nearly $2.5 billion in value. This transfer coincided with Bitcoin hitting the $100,000 mark.
Such substantial Bitcoin movements have fueled speculation concerning forthcoming market instability. Crypto analyst Ali Martinez pinpointed $89,000 as a critical resistance level for Bitcoin, representing the intersection of the 50-day moving average with a descending trendline from Bitcoin’s record high.
Martinez suggests that Bitcoin For Bitcoin to witness a pronounced bullish momentum, it's crucial for it to clear this resistance. If Bitcoin can't break through, we might observe consolidation around current prices or a potential price dip.
The analyst observed that the Relative Strength Index for Bitcoin has ventured into overbought territory. Historically, the last half-dozen instances of this led to notable subsequent Bitcoin price adjustments.
Meanwhile, the TD Sequential indicator, which helps forecast market reversals, suggests Bitcoin may soon approach a short-term top, possibly leading traders to cash in on profits shortly.
Mt. Gox began the compensation process for its creditors in July 2024, tapping into its reserves which include 142,000 Bitcoin (equivalent to $11 billion), 143,000 Bitcoin Cash (valued at $47 million), and 69 billion Japanese yen (worth $469 million).
Certain creditors have already secured their repayments through exchanges like Kraken and Bitstamp, while others await the finalization of procedural requirements to unlock their funds.
Currently, Bitcoin’s price hovers around $86,500, reflecting a decrease of approximately 7% from early March when Mt. Gox executed another massive Bitcoin transfer as the price neared $92,000.
Bitcoin’s daily trading volume has surged by 97%, moving to $33.37 billion, highlighting vigorous market activity amid these significant transfers.
