The defunct cryptocurrency exchange Mt. Gox has transferred nearly $1 billion worth of Bitcoin in its second major transaction within a week, triggering market concerns as Bitcoin’s price tumbled to a four-month low on March 11.
According to blockchain analytics firm Lookonchain, citing Arkham Intelligence data, Mt. Gox moved 11,833 BTC, with 11,501 BTC ($905.1 million) sent to a newly created wallet and 332 BTC ($26.1 million) transferred to a warm wallet. Despite the staggering amount, the transaction cost was a mere $2.13.
This movement follows a $1 billion Bitcoin transfer from Mt. Gox on March 6, where a portion of the funds—around $15 million—was reportedly sent to BitGo, a custodian managing creditor repayments. Spot On Chain analysts suggest that the latest warm wallet transfer may also facilitate creditor distributions.
Bitcoin Price Dips Amid Large Movements
The substantial transfer coincided with a sharp 2.4% drop in Bitcoin’s price, plunging from $76,784 to $75,000 within 30 minutes, per CoinGecko data. This decline echoes Bitcoin’s price levels in November, when market enthusiasm surged following the U.S. presidential election cycle.
While Bitcoin rebounded to $79,275, industry veteran and Maelstrom CIO Arthur Hayes urged patience, predicting in a March 11 X post that Bitcoin could bottom out around the $70,000 mark.
Mt. Gox’s Bitcoin Holdings Dwindle
Mt. Gox now holds just 24,411 BTC—worth approximately $1.94 billion—after beginning its long-anticipated offloading of around $9.2 billion worth of Bitcoin in June 2024, according to Spot On Chain data.
The exchange, once the largest Bitcoin trading platform, collapsed in 2014 after a devastating hack resulted in the loss of 850,000 BTC. Creditors have been awaiting repayment for over a decade, with Mt. Gox extending its repayment deadline to October 31, 2025.
Also Read: Mt. Gox Moves $1B in Bitcoin as Market Reacts to New Tariffs—What’s Next?
As Mt. Gox continues liquidating assets, investors remain cautious about potential market impacts, with Bitcoin’s volatility heightened by large-scale transactions and macroeconomic uncertainties.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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