Mt. Gox moves 12,000 BTC, fueling market speculation on repayments.
Bitcoin holds above $92K despite concerns over potential sell pressure.
Whale transactions drop 30%, signaling investor caution amid volatility.
Bankrupt crypto exchange Mt. Gox has sent shockwaves through the market by moving 12,000 Bitcoin (BTC) worth over $1 billion. The transfer, first flagged by Arkham Intelligence on March 6, comes as Bitcoin hovers around $92,000 after a volatile week.
Mt. Gox Moves Bitcoin as Market Watches Closely
Arkham Intelligence data revealed that a wallet linked to Mt. Gox, labeled “1PuQB,” moved 12,000 BTC on March 6. Most of the funds—11,834 BTC worth over $1 billion—were transferred to an unidentified wallet, “1Mo1n.” A smaller amount, 166.5 BTC valued at around $15 million, was sent to a cold wallet, “1Jbez.”
Mt. Gox Moves 12,000 BTC—$1.09B Transfer Sparks Concerns. Source: Arkham/X
The transaction follows a period of dormancy, with the last notable movement occurring in Jan. when smaller amounts were shuffled between internal wallets. Despite this latest transfer, Mt. Gox-linked addresses still hold 36,080 BTC, worth approximately $3.26 billion at current market prices.
Market Reactions and Speculations
Large Bitcoin movements linked to Mt. Gox have historically raised concerns about potential sell-offs. Some analysts believe these transfers signal preparations for creditor distributions, though no official confirmation has been made.
Crypto analyst Ali Charts noted on X that Bitcoin could rally toward $150,000 if it reclaims $97,000, citing the Pi Cycle Top indicator.
“If Bitcoin reclaims $97,000, it could gain momentum for a move toward $150,000, according to the Pi Cycle Top indicator!” Ali Charts commented on X
Investor concerns remain high. Jacob King (@JacobKinge) weighed in:
“BREAKING: Over $1 billion #Bitcoin moved from Mt. Gox wallet. Looks like they’re about to dump.”
The White House Crypto Summit, expected to discuss Bitcoin’s role in the U.S. Strategic Reserve, has drawn fresh attention. Meanwhile, long-time Bitcoin skeptic Peter Schiff took a jab at BTC, saying, “If Bitcoin’s success is predicated on the dollar’s failure… the ultimate winner will be gold.”
“If Bitcoin’s success is predicated on the dollar’s failure… the ultimate winner will be gold.”
Despite these reactions, Bitcoin has remained relatively stable, trading around $92,000 after a volatile week.
Bitcoin Price Swings and Institutional Moves
Bitcoin has seen turbulent price action in recent days. The asset surged to $94,770 on March 3 before plunging to $82,681 on March 4. It has since recovered above $90,000, reflecting renewed buying pressure despite lingering market uncertainty.
Data from Santiment suggests large investors are holding back. Transactions over $1 million dropped by 30% between Feb. 25 and March 5, a sign that whales are waiting for clearer signals before making big moves.
Meanwhile, broader macroeconomic factors, including trade policies, have influenced high-risk assets. The U.S. government recently delayed auto part tariffs from Canada and Mexico, while Germany announced plans to ease debt limits for infrastructure spending.
At the same time, Mt. Gox creditors are still waiting. Some have received fiat reimbursements, but Bitcoin and Bitcoin Cash distributions remain in limbo. The trustee has pushed the repayment deadline to Oct. 31, 2025, keeping uncertainty in play.
So far, Mt. Gox-related Bitcoin transfers haven’t triggered major sell-offs. But with 12,000 BTC on the move, traders are debating whether repayments could stir up fresh volatility in the months ahead.
At the time of writing, Bitcoin was trading at $92,137, reflecting a 5.91% increase in the past day.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
