Mt. Gox Transfers $2.8B In Bitcoin As BTC Smashes $100,000 Milestone For First Time In History
The defunct crypto exchange Mt. Gox shifted over 27,000 Bitcoins, valued at $2.8 billion, to an unknown wallet address on Dec. 5, sparking concerns about the potential market implications of the transfer.
The latest transfer came shortly after the benchmark crypto climbed past the long-awaited $100,000 mark.
Mt. Gox Moves 27,000 BTC
According to data tracked by on-chain analytics firm Arkham Intelligence, Mt. Gox moved 27,871 BTC (worth $2.82 billion) from its cold wallet storage to an unknown address with no previous history: 1N7jWmv63mkMdsYzbNUVHbEYDQfcq1u8Yp.
Mt. Goxs transfer came approximately 12 minutes after Bitcoin breached the highly anticipated $100,000 price level on Wednesday and less than 30 minutes before the apex crypto hit an all-time high of $103,679, according to CoinGecko data.
At the beginning of 2024, BTC was valued at just over $44K. It has since rocketed by over 122%, frequently smashing its high price record throughout November but falling just short of $100,000 until now. The prospect of a genuinely crypto-friendly regulatory government under the incoming Donald Trump administration has added fuel to the fire lit by the successful spot Bitcoin exchange-traded funds (ETFs) now trading on Wall Street.
While its unclear whether the latest transfer is part of Mt. Goxs future distributions to creditors, such movements in the past have been viewed as bearish for Bitcoin. This is because it could indicate that billions worth of BTC are headed to creditors who might liquidate after waiting over a decade to get their holdings returned. However, Bitcoin was unfazed by Mt. Goxs latest BTC transfer, trading at $102,813 at press time.
Wednesdays outflow follows a previous movement of 2,500 BTC (worth about $222 million) to an unknown wallet on Nov. 12. The Mt. Gox trustee extended the deadline to repay creditors by a whole year to Oct. 31, 2025, explaining that some claimants had not yet received their repayments after failing to complete the necessary repayment procedures.
Mt. Gox still holds 39,878 BTC worth over $4.1 billion as of publication time, Arkham data shows.
Text source: ZyCrypto
