Mt. Gox Transfers 12,000 Bitcoin Worth $1 Billion – Is the Crypto Market in Trouble?
Jakarta, Pintu News – In a move that took the market by surprise, Mt. Gox, the bankrupt crypto exchange, recently moved 12,000 Bitcoin worth over $1 billion to an unknown wallet.
This large transaction occurred when the price of Bitcoin (BTC) was around $92,000 (6/3/25). This event led to speculation among investors and analysts about the potential impact on the market.
Transaction Details and Market Reaction
On March 6, 2025, blockchain analytics firm Arkham Intelligence reported that a wallet associated with Mt. Gox, labeled “1PuQB”, had sent a large amount of Bitcoin (BTC).
Of these, approximately 11,834 Bitcoins (BTC) worth over $1 billion were sent to an unidentified wallet labeled “1Mo1n”. The rest, 166.5 Bitcoins (BTC) worth about $15 million, were moved to a cold Mt. Gox cold wallet known as “1Jbez”.
This latest transaction represents a significant movement of funds from Mt. Gox since January, when smaller amounts of Bitcoin (BTC) were moved between its cold wallets.
According to the data, wallets associated with Mt. Gox still hold about 36,080 Bitcoin (BTC), which is worth about $3.26 billion.
Speculation and Impact on Creditor Payments
The movement of funds by Mt. Gox has always been a concern among investors due to its potential influence on the market. Many are concerned that a large transaction could trigger selling by creditors once payments begin.
Some industry experts believe that this latest transfer could signal preparations for distribution, although there is no official confirmation yet. Comment from Jacob King on the X platform,
“BREAKING: More than $1 billion #Bitcoin was moved from Mt. Gox wallets. Looks like they’ll be selling soon,” adding more speculation.
However, the price of Bitcoin (BTC) on March 6, 2025 remains relatively stable, hovering around $92,000.
Read also: Blockstream Secures Billion Dollar Investment to Launch Bitcoin Loan Fund!
Bitcoin (BTC) Price Volatility Surges Amid Rising Institutional Activity
Bitcoin (BTC) has experienced sharp price movements over the past week, reaching a peak of $94,770 on March 3 before dropping to $82,681 on March 4, and then rebounding above $90,000.
As of March 6, 2025, the price of Bitcoin (BTC) stands at around $92,000, reflecting a 4% increase in the last 24 hours.
Data from Santiment shows a decline in transactions by whales, with the number of Bitcoin (BTC) transactions exceeding $1 million falling 30% from February 25 to March 5. This suggests that large investors are waiting for clearer market conditions before making significant moves.
However, data from Coinglass showed that investor interest in the derivatives market increased, with OI futures up 8% to $51.74 billion.
Overall, with the payment deadline extended to October 31, 2025, many creditors are still waiting for the distribution of Bitcoin (BTC) and Bitcoin Cash .
Although the movement of Mt. Gox funds have had minimal impact on Bitcoin (BTC) prices recently, concerns about the potential effects of a sale by creditors remain in the market.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Coingape. Mt. Gox Moves $1B BTC to Unknown Wallet as Bitcoin Price Hits $92K. Accessed on March 7, 2025
- Cointelegraph. Mt. Gox Wallet Moves $1 Billion in Bitcoin Amid Market Volatility. Accessed on March 7, 2025
- Crypto Briefing. Mt. Gox Bitcoin Transfers $90K. Accessed on March 7, 2025
