TLDR
- Mt. Gox transferred 11,501 Bitcoin worth approximately $1 billion on March 25
- This is the third major Bitcoin move by Mt. Gox in less than a month
- Mt. Gox still holds about 35,000 Bitcoin worth $3.1 billion
- These transfers may be related to creditor repayments, which have a deadline of October 31, 2025
- Previous Bitcoin movements by Mt. Gox have occasionally preceded repayments to creditors
Bankrupt cryptocurrency exchange Mt. Gox has moved 11,501 Bitcoin worth approximately $1 billion in its third major transfer this month. This move was reported by blockchain analytics firm Arkham Intelligence on March 25.
The transaction details show that Mt. Gox sent 893 Bitcoin (worth around $78 million) to its cold wallet and 10,608 Bitcoin (worth about $929 million) to another wallet known as the Mt. Gox change wallet. Both amounts remain unspent according to Arkham Intelligence data.
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 transfer follows two earlier large movements by the exchange in March. Mt. Gox previously moved 12,000 Bitcoin worth over $1 billion on March 6. The exchange also transferred 11,833 Bitcoin on March 11.
Blockchain analytics platform Spot On Chain reported that one of the previous transfers this month ended up in the crypto exchange Bitstamp. The platform speculates that the 893 Bitcoin “sent to the 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
Many market watchers believe these movements could indicate that creditor payouts are approaching. Creditors have the option to receive their repayments in Bitcoin instead of cash.
Mt. Gox was once the world’s largest Bitcoin exchange. The Tokyo-based platform handled approximately 70-80% of all Bitcoin trades worldwide in 2013.
The exchange fell into bankruptcy in early 2014 after suffering a massive hack. The security breach resulted in a loss of 850,000 Bitcoin, making it one of the biggest crypto hacks ever recorded.
Following its bankruptcy in February 2014, a Tokyo court appointed a trustee to manage the proceedings. The trustee’s job was to compensate creditors with the exchange’s remaining assets.
Creditor Repayments
Mt. Gox began repaying its creditors in July 2024. The repayments came from the exchange’s holdings of 142,000 Bitcoin (worth $11 billion), 143,000 Bitcoin Cash (worth $47 million), and 69 billion Japanese yen (worth $469 million).
While some creditors have received repayments through exchanges like Kraken and Bitstamp, others are still waiting. In October, the trustee extended the repayment deadline by a full year to October 31, 2025.
The reason given for the extension was that many creditors “still have not received their repayments because they have not completed the necessary procedures for receiving repayments.” This suggests the process has been slower than expected.
Last December, Mt. Gox also moved over 24,000 Bitcoin worth nearly $2.5 billion to an unknown address. This happened shortly after Bitcoin hit the milestone price of $100,000.
Traders are watching these movements closely as they could impact market prices. Some analysts believe that large-scale Bitcoin movements by Mt. Gox might lead to price volatility.
Crypto analyst Ali Martinez has highlighted a key resistance level for Bitcoin at $89,000. This level marks where the 50-day moving average meets a descending trendline from Bitcoin’s all-time high.
The most important resistance level for #Bitcoin $BTC is at $97,530. However, support below $92,110 is weak, as there’s a gap between $90,000 and $70,000. pic.twitter.com/yW575BOBKk
— Ali (@ali_charts) February 13, 2025
Martinez notes 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 Relative Strength Index (RSI) for Bitcoin has recently entered overbought territory. According to Martinez, the last six times this happened, Bitcoin experienced sharp corrections afterward.
Since the early March Bitcoin movement by Mt. Gox, when BTC was trading around $92,000, the price has dropped nearly 7%. Bitcoin is currently trading around $86,500, with daily trading volumes up by 97% at $33.37 billion.
