TLDR
Mt. Gox transferred 12,000 BTC (worth over $1 billion) to an unknown wallet on March 6, 2025
The bankrupt exchange still holds approximately 36,080 BTC valued at around $3.26 billion
This is the first major transaction from Mt. Gox since January, with the repayment deadline for creditors extended to October 31, 2025
Bitcoin price fluctuated near $92,000 following the transfer but remained relatively stable
The market showed mixed signals with declining whale transactions but increasing futures open interest
Mt. Gox, the bankrupt cryptocurrency exchange, has moved 12,000 Bitcoin (BTC) worth over $1 billion to an unknown wallet. The transaction occurred on March 6 as Bitcoin’s price hovered near $92,000.
Blockchain analytics firm Arkham Intelligence reported the movement from a Mt. Gox-linked wallet identified as “1PuQB.” Most of the funds (11,834 BTC) went to an unidentified wallet labeled “1Mo1n.”
A smaller portion of 166.5 BTC, worth around $15 million, was transferred to Mt. Gox’s cold wallet, “1Jbez.” The transaction cost just $1.64 in fees, according to available data.
ARKHAM ALERT: MT GOX MOVING $1B $BTC pic.twitter.com/VpIkHdJQkl
— Arkham (@arkham) March 6, 2025
This marks the first major movement of funds from Mt. Gox since January. At that time, the exchange only shuffled smaller amounts between its cold wallets.
Mt. Gox-linked wallets still hold about 36,080 BTC. This remaining Bitcoin is valued at approximately $3.26 billion at current market prices.
The once-dominant exchange collapsed in 2014 after losing more than 800,000 Bitcoin. Creditors have been seeking repayments through a lengthy bankruptcy process that has stretched for years.
Some creditors have already received fiat repayments. Many others are still waiting for Bitcoin and Bitcoin Cash distributions as the process continues.
The trustee overseeing Mt. Gox’s funds recently extended the repayment deadline. The new deadline is October 31, 2025, pushed back from the previous date of October 31, 2024.
The movement of Mt. Gox’s Bitcoin holdings has often caused concern among investors. Many fear potential sell-offs by creditors once they receive their repayments.
Crypto analyst Jacob King commented on social media platform X: “BREAKING: Over $1 billion #Bitcoin moved from Mt. Gox wallet. Looks like they’re about to dump.” Despite such concerns, Bitcoin’s price remained steady around $92,000.
Previous Mt. Gox transactions have not led to major price drops. This pattern appears to be continuing with the latest transfer.
Bitcoin Price Movements
Bitcoin has experienced sharp price movements over the past week. It reached a high of $94,770 on March 3 before dropping to $82,681 on March 4.
The cryptocurrency 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 shows a decline in whale transactions. The number of Bitcoin transactions exceeding $1 million fell by 30% from February 25 to March 5.
This suggests large investors are waiting for clearer market conditions. They appear hesitant to make major moves in the current environment.
However, data from Coinglass showed Bitcoin futures open interest rose by 8% to $51.74 billion. This indicates growing investor interest in the derivatives market despite caution in direct purchases.
Recent economic developments have contributed to market fluctuations. The U.S. government delayed auto part tariffs from Canada and Mexico, while Germany announced plans to ease debt limits for infrastructure spending.
These factors have affected high-risk assets, including cryptocurrencies. The markets continue to respond to both crypto-specific events and broader economic policies.
In December, Mt. Gox moved 1,620 BTC through unidentified addresses. This came just weeks after shifting over 24,000 BTC in another transaction.
The reason behind the latest transaction remains unclear. No official statement has been provided regarding the purpose of moving these funds.
Crypto analyst Ali Charts shared a more optimistic view on X: “If Bitcoin reclaims $97,000, it could gain momentum for a move toward $150,000, according to the Pi Cycle Top indicator!”
If #Bitcoin $BTC reclaims $97,000, it could gain momentum for a move toward $150,000, according to the Pi Cycle Top indicator! pic.twitter.com/yok308t4Jy
— Ali (@ali_charts) March 6, 2025
The White House Crypto Summit is expected to provide more insights on the Bitcoin Strategic Reserve. This may influence market sentiment in the coming days.
