TLDR
Mt. Gox transferred 11,501 Bitcoin worth approximately $1 billion on March 25
This is the third major Bitcoin transfer by Mt. Gox this month
Mt. Gox still holds about 35,000 Bitcoin worth $3.1 billion
Some transfers ended up at crypto exchange Bitstamp
The repayment deadline for creditors has been extended to October 31, 2025
Bankrupt cryptocurrency exchange Mt. Gox has transferred 11,501 Bitcoin worth approximately $1 billion. This marks the third major Bitcoin movement by the exchange in March alone.
Blockchain analytics firm Arkham Intelligence reported the transfer on March 25. The company revealed that Mt. Gox sent 893 Bitcoin (about $78 million) to its cold wallet and 10,608 Bitcoin (around $929 million) to another wallet known as the Mt. Gox change wallet.
ARKHAM ALERT: MT GOX MOVING $1B $BTC
893 BTC were moved to Mt. Gox Hot Wallet [1Jbez] and 10608 BTC were moved to change wallet 1DcoA. pic.twitter.com/akr3hqSasD
— Arkham (@arkham) March 25, 2025
This latest transfer follows two similar large movements earlier this month. Mt. Gox moved 12,000 Bitcoin worth over $1 billion on March 6. The exchange then transferred another 11,833 Bitcoin on March 11.
According to blockchain platform Spot On Chain, one of the earlier transfers this month ended up at cryptocurrency exchange Bitstamp. The same analytics firm suggested that the 893 Bitcoin sent to Mt. Gox’s warm wallet “will be moved out shortly too.”
[ATTENTION] Mt. Gox just moved 11,501.4 $BTC ($1B) again!
This includes 10,608 $BTC ($929.7M) sent to a new wallet and 893.4 $BTC ($78.3M) to a warm wallet.
Notably, after Mt. Gox’s previous transfer, 332 $BTC ($25.5M) was deposited into #Bitstamp. It is likely the 893.4 $BTC… https://t.co/8HryhiHSoT pic.twitter.com/NBQtcWSREJ
— Spot On Chain (@spotonchain) March 25, 2025
Data from Arkham shows that despite these large transfers, Mt. Gox still maintains about 35,000 Bitcoin. This remaining Bitcoin is worth approximately $3.1 billion at current prices across wallets controlled by the exchange.
Many crypto market watchers believe these large movements could signal that creditor payouts are approaching. Creditors of the bankrupt exchange have the option to receive their repayments in Bitcoin rather than cash.
A Reddit poll conducted in July 2024 after Mt. Gox’s first payout found that many creditors were not in a rush to sell their Bitcoin. This suggests limited immediate selling pressure from these distributions.
The Legacy of a Fallen Exchange Giant
Mt. Gox was once the world’s largest Bitcoin exchange. Before its collapse, it handled between 70-80% of all Bitcoin trades globally. The exchange filed for bankruptcy in early 2014 after suffering a devastating hack that resulted in the loss of 850,000 Bitcoin.
Following the bankruptcy, a Tokyo court appointed a trustee to manage the proceedings. The trustee’s job includes compensating creditors with the exchange’s remaining assets.
In October 2024, the trustee extended the deadline for repayments by a full year. The new deadline is October 31, 2025. The extension was necessary because “many creditors still have not received their repayments because they have not completed the necessary procedures.”
Last December, Mt. Gox also moved over 24,000 Bitcoin worth nearly $2.5 billion. This transfer happened after Bitcoin reached the $100,000 price milestone.
The recent large Bitcoin movements have led to speculation about potential market volatility. Cryptocurrency analyst Ali Martinez has identified $89,000 as a key resistance level for Bitcoin. This level represents the meeting point of the 50-day moving average and a descending trendline from Bitcoin’s all-time high.
Martinez suggests that Bitcoin needs to break through this level to gain strong bullish momentum. Failure to do so might result in continued price consolidation or a potential pullback.
The analyst also noted that Bitcoin’s Relative Strength Index has recently entered overbought territory. Historically, the last six times this happened, Bitcoin experienced sharp price corrections afterward.
Meanwhile, the TD Sequential indicator, which helps identify market reversals, suggests Bitcoin may be approaching a short-term peak. This could lead to profit-taking by traders in the near future.
Mt. Gox began repaying its creditors in July 2024 from its holdings. These holdings included 142,000 Bitcoin (worth $11 billion), 143,000 Bitcoin Cash (worth $47 million), and 69 billion Japanese yen (worth $469 million).
Some creditors have already received repayments through exchanges like Kraken and Bitstamp. However, many others are still waiting to complete the necessary procedures to receive their funds.
The current Bitcoin price is hovering around $86,500. This represents a roughly 7% decrease from early March when Mt. Gox made another large Bitcoin transfer while the price was near $92,000.
Bitcoin daily trading volumes have increased by 97%. They now stand at $33.37 billion, showing high market activity during these large transfers.
