Mt. Gox Just Moved $1B in Bitcoin: How Will Crypto Markets React?

Mt. Gox, once the world’s largest Bitcoin exchange before its dramatic collapse in 2014, is back in the spotlight. After years of delays, the long-awaited repayment process is finally picking up pace. The exchange has been quietly moving large amounts of Bitcoin, raising questions about what’s next.

Its latest transfer? A massive 11,501 BTC, worth around $1 billion. But where is this Bitcoin going, and could it impact the market? Let’s break it down.

Breakdown of the Latest Transfers

In this recent move, 10,608 BTC (around $929.7 million) was sent to a new wallet, while 893.4 BTC (worth $78.3 million) was transferred to a warm wallet. Warm wallets are often used for transactions, meaning these funds could be moved or sold soon.

This follows an earlier transfer of 332 BTC ($25.5 million) to the Bitstamp exchange. Since large transfers like these often signal potential sales, there is speculation that more Bitcoin from the warm wallet may enter the market soon, possibly affecting prices.

This is the third major Bitcoin transfer by Mt. Gox in the last four weeks. Earlier, the exchange moved 12,000 BTC (over $1 billion) on March 6, followed by another 11,833 BTC on March 11.

Unlike last year, when Mt. Gox’s transfers caused market fears and price swings, these recent movements have had little effect on Bitcoin’s price.

Are Creditor Payouts Getting Closer?

Many believe these transfers suggest creditor payouts may be approaching. Mt. Gox creditors can choose to receive their repayments in Bitcoin. A Reddit poll from July 2024, after the exchange made its first payout, showed that most creditors weren’t in a hurry to sell, meaning many may continue to hold onto their Bitcoin instead of cashing out immediately.

• Also Read :
•   Crypto Latest News, March 25th: Trump News, Bitcoin ETF Flow, Solana Price, Pi Crypto News
•   ,

Mt. Gox started repaying creditors in July 2024 using its reserves, which include 142,000 BTC ($11 billion), 143,000 Bitcoin Cash ($47 million), and 69 billion yen ($469 million). The exchange still holds about 35,000 BTC ($3.1 billion) in its wallets. Some creditors have already received payments through Kraken and Bitstamp.

The Wait Continues

Despite ongoing distributions, the full payout has been delayed. In October 2024, Mt. Gox postponed the final deadline to October 31, 2025, due to ongoing verification and processing of claims.

For now, the market is watching to see if Mt. Gox’s next moves will have a bigger impact on Bitcoin prices.

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

Subscribe to News

FAQs