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Highlights
- Gox moves over 27,000 BTC, valued at $2.9 billion, to an unknown address.
- The transfer took place minutes after Bitcoin surpassed the $100,000 milestone.
- Despite concerns, historical data suggests minimal impact on Bitcoin’s price from Mt. Gox transfers.
The bankrupt cryptocurrency exchange Mt.Gox has moved a substantial 27,871 BTC, valued at approximately $2.9 billion, to an unknown wallet address, shortly after Bitcoin surpassed the $100,000 mark on December 5. This transfer occurred at 2:45 AM UTC, just minutes after Bitcoin reached the significant price milestone. The move follows a similar transfer made by Mt.Gox on November 12, when around 2,500 BTC were sent to an undisclosed address.
This is the first large-scale transaction from Mt.Gox since its November move, and it raises questions about the potential impact of these transfers on the broader cryptocurrency market. Historical transfers from Mt.Gox have often preceded payouts to the exchange's creditors, many of whom have been waiting for years to access their assets following the exchange’s collapse. Despite this, the latest transfer comes at a time when Bitcoin has been setting new price records, and the market is largely focused on the recent surge.
The Mt.Gox trustee has continued to make significant transfers to resolve outstanding compensation claims for the exchange's creditors. While concerns have been raised that these large transfers could put downward pressure on Bitcoin’s price, analysts suggest that the market has already priced in the impact of these movements. As a result, many speculate that any sell-side pressure from Mt.Gox creditors will have a limited effect on Bitcoin’s price. In fact, recent Mt.Gox transfers have had little to no discernible impact on Bitcoin’s price trajectory.
Even though the possibility of creditors selling their BTC upon receiving their payouts remains a concern, most creditors have expressed no immediate intention to sell. Furthermore, the Mt.Gox trustee has extended the deadline for repayments to October 31, 2025, allowing creditors more time to complete the necessary procedures to receive their compensation. This extended deadline aims to ensure that creditors receive their BTC in full, even if some choose to hold their assets rather than liquidate them immediately.
Despite the substantial size of the transaction, the general sentiment in the market seems to be one of cautious optimism, with analysts downplaying the long-term effect of Mt.Gox’s payouts on Bitcoin's price. The latest move underscores the ongoing efforts to resolve the exchange’s bankruptcy and pay creditors, but it remains to be seen whether it will lead to any significant market shifts in the short term.
