- Mt. Gox moved 11,501.4 BTC worth $1B to two wallets.
- 893.4 BTC may soon be moved to exchanges like Bitstamp.
- Market watches closely as Mt. Gox repayments loom.
In another eye-catching move, the defunct Crypto Exchange Mt. Gox has transferred a staggering 11,501.4 BTC —worth approximately $1 billion. This has once again stirred anxiety and speculation within the crypto community, especially as creditors anticipate long-awaited repayments.
The bulk of the transfer—10,608 BTC valued at around $929.7 million—was sent to a newly created wallet. Meanwhile, the remaining 893.4 BTC ($78.3 million) found its way to a known warm wallet, likely for temporary holding before another outgoing transaction.
Could a Sell-Off Be Next?
What’s catching the Market ’s attention is not just the size of the movement but its implications. During Mt. Gox’s previous transfer, 332 BTC (roughly $25.5 million) from the warm wallet was sent to the crypto exchange Bitstamp. This has led to strong speculation that the recently moved 893.4 BTC may soon be headed for a similar fate—potentially to exchanges for liquidation.
This pattern of warm wallet storage followed by exchange deposits could hint at a gradual strategy to release Mt. Gox’s Bitcoin holdings into the market. If these trends continue, it could impact Bitcoin prices due to sudden supply spikes.
What This Means for the Market
As Mt. Gox continues preparing for its repayment process, such large Bitcoin transfers are likely to become more frequent. These movements are closely watched by traders and analysts alike, given their potential to influence market dynamics.
For now, the community awaits confirmation on whether the 893.4 BTC will indeed hit exchanges. If it does, the next question is: how will the market respond?
