Mt. Gox, the bankrupt cryptocurrency exchange, has transferred 12,000 Bitcoin (BTC) worth over $1 billion to an unidentified wallet. This transaction occurred as Bitcoin’s price fluctuated near $92,000, according to Arkham Intelligence data.

Mt. Gox Transfers 12,000 BTC Amid Market Volatility

On March 6, blockchain analytics firm Arkham Intelligence reported that a wallet linked to Mt. Gox, identified as “1PuQB,” moved 12,000 BTC. The majority, approximately 11,834 BTC worth over $1 billion, was sent to an unidentified wallet labeled “1Mo1n,” while 166.5 BTC worth around $15 million was transferred to Mt. Gox’s cold wallet, “1Jbez.”

This transaction is the first substantial movement of funds from Mt. Gox since January, when smaller amounts of Bitcoin were shuffled between its cold wallets. Data from Arkham Intelligence shows that Mt. Gox-linked wallets still hold about 36,080 BTC, valued at around $3.26 billion.

Crypto analyst Ali Charts shared insights on X, stating, “If Bitcoin reclaims $97,000, it could gain momentum for a move toward $150,000, according to the Pi Cycle Top indicator!”

Market Reactions and Speculations on Mt. Gox Payouts

The movement of Mt. Gox’s Bitcoin holdings has historically raised concerns among investors. Many fear that large transactions could lead to sell-offs by creditors once repayments begin. Some industry experts believe this latest transfer could signal preparations for distributions, though no official confirmation has been provided.

Jacob King (@JacobKinge) commented on X, “BREAKING: Over $1 billion #Bitcoin moved from Mt. Gox wallet. Looks like they’re about to dump.” However, Bitcoin’s price remained relatively stable, hovering around $92,000.

Concurrently, Peter Schiff, a long-time Bitcoin critic, also shared his thoughts ahead of the White House Crypto Summit which is expected to offer more insights on the Bitcoin Strategic Reserve, stating, “If Bitcoin’s success is predicated on the dollar’s failure… the ultimate winner will be gold.” Despite such concerns, past Mt. Gox transactions have not led to major price drops.

Bitcoin Price Volatility and Institutional Activity

Bitcoin has seen sharp price movements over the past week, reaching a high of $94,770 on March 3 before dropping to $82,681 on March 4. It then rebounded to trade above $90,000. At the time of writing, Bitcoin’s price stands at approximately $92,000, reflecting a 4% increase in the last 24 hours.

On-chain data from Santiment indicates a decline in whale transactions. The number of Bitcoin transactions exceeding $1 million fell by 30% from February 25 to March 5. This suggests that large investors are waiting for clearer market conditions before making significant moves.

Meanwhile, the U.S. government recently delayed auto part tariffs from Canada and Mexico, while Germany announced plans to ease debt limits for infrastructure spending. These developments have contributed to fluctuations in high-risk assets, including cryptocurrencies.

Amid these developments, Mt. Gox trustee extended the repayment deadline to October 31, 2025. Moreover, while some creditors have received fiat repayments, many are still waiting for Bitcoin and Bitcoin Cash distributions.

The post Mt Gox Moves $1B BTC To Unknown Wallet As Bitcoin Price Hits $92K appeared first on CoinGape.

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Filed under: News - @ March 6, 2025 4:20 am