The now-defunct crypto exchange Mt. Gox has transferred 11,833.6 Bitcoin, worth approximately $931 million, to new wallet addresses, sparking worries about potential sell-offs.
On-chain data from Arkham Intelligence shows that these Bitcoin transactions took place on March 11, with 11,501.58 Bitcoin (~$905 million) sent to an unidentified wallet, while 332 BTC (~$26.1 million) was sent to a warm wallet.
This update follows Mt. Gox’s earlier activity, including a transfer of over $1 billion in Bitcoin to a wallet tagged “1Mo1n” on March 6. Today’s transactions came from that wallet, which is now recognized as an official Mt. Gox address. Currently, Mt. Gox still holds about 35,915 Bitcoin, equating to roughly $2.85 billion.
Historically, transactions from Mt. Gox have led to market fluctuations due to fears of potential sell-offs, although the repercussions of such transactions have lessened over time.
While the recent transfers have not caused immediate changes in Bitcoin’s price, traders remain cautious. The market might encounter increased selling pressure linked to upcoming creditor repayments.
Mt. Gox has been involved in a protracted bankruptcy process since it lost over 800,000 Bitcoin during its 2014 collapse. Many creditors are still awaiting BTC distributions, though some have already received cash repayments. The deadline for repayment has been extended to October 31, 2025, delaying any potential liquidation events.
At the same time, sentiment among Bitcoin retail investors has turned sour, as traders respond to a seven-week price downturn. A market analysis by Santiment on March 11 highlighted a surge in social media discussions regarding declining Bitcoin prices, often indicating that smaller investors may be throwing in the towel.
However, Santiment notes that previous changes in sentiment have often preceded market recoveries. Bitcoin has declined by 4% in the last 24 hours, trading around $79,000.
In a March 11 post on X, BitMEX co-founder Arthur Hayes speculated that Bitcoin could reach a bottom near $70,000, aligning with historical bull market retracements. Hayes mentioned that actions by central banks and further declines in stock indices might impact Bitcoin’s next significant movement.
