Mt. Gox, the defunct cryptocurrency exchange, has transferred 12,000 Bitcoin (BTC) worth over $1 billion to an unknown wallet, coinciding with Bitcoin’s price volatility near $92,000. This move, tracked by Arkham Intelligence on March 6, has prompted widespread market speculation about upcoming creditor repayments as the exchange continues to manage its remaining assets.
The majority of the transfer, approximately 11,834 BTC valued at over $1 billion, was sent from Mt. Gox’s wallet labeled “1PuQB” to an unidentified address, “1Mo1n.” A smaller portion, 166.5 BTC (around $15 million), was directed to Mt. Gox’s cold wallet, “1Jbez.” This marks the first significant movement of funds from Mt. Gox since January, when only minor transfers occurred between its cold wallets. Despite this large transfer, the exchange still holds approximately 36,080 BTC, worth an estimated $3.26 billion, according to Arkham data.
Crypto analysts have speculated that this large-scale movement could signal the preparation for upcoming payouts to creditors, though no official announcement has been made. Some industry figures, like analyst Jacob King, expressed concerns that this could lead to large sell-offs once repayments begin, potentially putting pressure on the market. Nevertheless, Bitcoin’s price has remained stable, hovering around $92,000.
Bitcoin’s price has been volatile in recent days, reaching a high of $94,770 on March 3 before falling to $82,681 on March 4, and then recovering to above $90,000. As of writing, Bitcoin is trading at approximately $92,000, showing a 4% increase in the past 24 hours. On-chain data from Santiment indicates that large transactions have dropped by 30% over the past week, suggesting that institutional investors are waiting for more clarity in market conditions before making significant moves.
As Mt. Gox prepares for potential distributions, the Mt. Gox trustee extended the repayment deadline to October 31, 2025, further fueling speculation about the timing of payouts. While some creditors have already received fiat repayments, others are still awaiting Bitcoin and Bitcoin Cash distributions.
In parallel, the broader economic landscape is contributing to fluctuations in high-risk assets, including cryptocurrencies. Recent developments, such as the U.S. government’s decision to delay auto part tariffs on Canada and Mexico and Germany’s move to ease debt limits for infrastructure spending, have added to the market’s uncertainty.
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