Mt. Gox Moves $931 Million in Bitcoin, Raising Market Concerns
Mt. Gox, the former crypto exchange, has transferred 11,833.6 Bitcoin, valued at around $931 million, to new wallets. This move has stirred fears of potential sell-offs.
On March 11, on-chain data from Arkham Intelligence showed that 11,501.58 BTC (about $905 million) was sent to an unknown wallet. Another 332 BTC ($26.1 million) went to a warm wallet. Thes transactions follow a previous transfer of over $1 billion in Bitcoin to a wallet named “1Mo1n” on March 6.
Today’s transactions were made by the “1Mo1n” wallet, now confirmed as an official Mt. Gox address. The exchange still holds about 35,915 Bitcoin, worth roughly $2.85 billion.
Historically, Mt. Gox’s transactions have caused market reactions due to fears of sell-offs.However, the impact has lessened over time. While today’s transfers haven’t instantly affected Bitcoin’s price, traders remain cautious.
The market faces increased selling pressure due to potential creditor repayments. Mt. Gox has been in bankruptcy since its 2014 collapse, losing over 800,000 Bitcoin.Many creditors await BTC payouts, wiht the repayment deadline extended to October 31, 2025.
Bitcoin’s retail sentiment has turned bearish, with traders reacting to a seven-week decline.Social media discussions about lower price expectations have increased, according to a March 11 analysis by Santiment.This often signals smaller investors giving up.
Though, Santiment notes that such sentiment changes have preceded market recoveries in the past. Bitcoin is currently down 4% over the last 24 hours, trading at about $79,000. BitMEX co-founder Arthur Hayes suggested Bitcoin may bottom near $70,000, influenced by central bank actions and stock index declines.
