The closed cryptocurrency exchange Mt. Gox has executed another large-scale Bitcoin (BTC) transfer, moving BTC worth 1 billion dollars.
This transfer was made as the exchange's creditor repayment approaches, with the deadline set for October 2025.
Mt. Gox Moves 11,501 BTC
According to blockchain analysis company Arkham Intelligence, Mt. Gox transferred a total of 11,501 Bitcoins to two wallets. The change wallet (address: 1DcoA) received 10,608 BTC, worth approximately 929 million dollars. Additionally, Mt. Gox's hot wallet (address: 1Jbez) received 893 BTC, worth about 78 million dollars.
This movement follows two significant transactions earlier this month. On March 6th, the exchange transferred 12,000 BTC worth 1 billion dollars. Less than a week later, another 11,834 BTC was transferred, worth 910 million dollars.
In the latter case, 332 BTC valued at over 25 million dollars was deposited into Bitstamp exchange, suggesting potential liquidation activity. Therefore, SpotOnChain suggested that the 893 BTC sent to the hot wallet might be moved again soon.
After the latest transfer, Mt. Gox still holds 35,583 BTC, worth over 3 billion dollars. These recent actions could signal preparation for repayment to creditors who lost funds during the notorious hack a decade ago.
The upcoming repayment deadline adds urgency to the situation. Last October, the trustee overseeing Mt. Gox assets extended the creditor repayment deadline by one year, setting the new date to October 31, 2025.
"Many rehabilitation creditors have not yet received repayment due to not completing the essential procedures for receiving repayment. Additionally, a significant number of rehabilitation creditors have not received repayment due to various reasons, including issues that arose during the repayment process." – Announcement
Meanwhile, these transfers had minimal impact on Bitcoin's price. According to BeInCrypto data, BTC declined by 0.19% over the past day and was trading at 86,756 at the time of writing.
Notably, the coin is gradually recovering from recent losses. According to BeInCrypto's analysis, Bitcoin is on the verge of breaking out of a descending wedge pattern. If confirmed, this could pave the way for further increases, potentially reaching up to 95,000.
Former BitMEX CEO Arthur Hayes also shared a positive outlook on Bitcoin.
"Price is more likely to reach 110k next rather than 76.5k. Once we hit 110k, we won't look back until 250k." – He wrote on X.
His reasoning is based on expectations that the US Federal Reserve will transition from Quantitative Tightening (QT) to Quantitative Easing (QE). This will increase liquidity. Hayes also suggested that tariffs and their inflationary effects will not have a sustained impact on the economy. Therefore, this will not hinder Bitcoin's potential rise.
