Mt. Gox Moves $931M in Bitcoin, Raising Market Concerns

Defunct crypto exchange Mt. Gox has transferred 11,833.6 Bitcoin, valued at approximately $931 million, to new addresses. The transactions, which occurred on March 11, have raised concerns about potential sell-offs and their impact on Bitcoin’s price.

Details of the Transfers

On-chain data from Arkham Intelligence shows that Mt. Gox moved 11,501.58 BTC (roughly $905 million) to an unidentified wallet. Another 332 BTC (about $26.1 million) was sent to a warm wallet. These transfers follow a $1 billion Bitcoin movement on March 6 to a wallet labeled “1Mo1n,” now recognized as an official Mt. Gox address.

The exchange still holds about 35,915 BTC, worth approximately $2.85 billion. The recent transactions align with ongoing creditor repayment efforts linked to its long-running bankruptcy proceedings.

Market Reactions and Bitcoin’s Price Trends

Historically, large Mt. Gox transfers have led to fears of increased selling pressure. While today’s movements have not immediately affected Bitcoin’s price, traders remain cautious about potential liquidation events.

Bitcoin has been in a correction phase, dropping below $77,000. According to Bitget Research’s chief analyst Ryan Lee, failure to hold the $77,000 support level could lead to further declines toward $70,000–$72,000. Conversely, a recovery from $75,000 could push Bitcoin back into the $80,000–$85,000 range.

BitMEX co-founder Arthur Hayes suggested that Bitcoin may find a bottom near $70,000, consistent with past bull market retracements. He warned that a breakdown below $78,000 could result in significant volatility, given the large number of Bitcoin options open between $70,000 and $75,000.

What It Means for You [NFA]

Mt. Gox’s latest Bitcoin transfers have revived concerns about large-scale liquidations. While past transactions have sometimes led to market dips, their overall impact has diminished over time.

For traders, Bitcoin’s current price action suggests a period of increased volatility. Analysts indicate key support levels between $70,000 and $75,000, with potential upside if buyers step in. As always, market participants should assess risks and conduct their own research before making any trading decisions.

Community Reaction

The community was full of sarcasm and disbelief on the news, highlighting the current trends of fear in the crypto communities.

• ZINU: “Significant Mt. Gox movements like this always shake the market, but it’s worth remembering that distribution doesn’t necessarily mean an immediate sell-off. The key question now is how much of this will actually hit exchanges in the near term. Watching on-chain activity closely”
• PeonGW: “It’s too much winning! Please please”
• DZ: “This is enough”