Key Insights
- On Monday, Mt. Gox transferred a total of 11,502 Bitcoin, amounting to over $1 billion.
- During this transaction, Bitcoin’s price spiked to $87,000, though recent transactions have had a negligible effect on the overall market.
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A wallet associated with Mt. Gox has just executed the transfer of 11,502 Bitcoin, a total exceeding $1 billion, in a recent transaction, as reported by Arkham Intelligence. Out of the amount moved, approximately $927 million was transferred into an unidentified wallet starting with “1DcoAJ.”
These transactions coincided with Bitcoin reaching a price of $87,000 according to CoinGecko data, reflecting a 2% increase in value over the last 24 hours.
The now-defunct crypto exchange continues to hold around 35,583 Bitcoin in its wallets, estimated to be worth about $3 billion.
This movement follows a smaller transaction on March 11, where Mt. Gox sent 332 Bitcoin, valued around $26 million, to another unknown address. The recent wallet activity garners attention while the exchange navigates pending compensation claims from former users.
Mt. Gox has postponed its complete payout deadline from October 31, 2024, to October 31, 2025, citing ongoing verification and processing for claimants.
While some creditors have confirmed receiving fiat payments as part of the reimbursement scheme, numerous users still await their complete compensation in Bitcoin or Bitcoin Cash.
Historically, Bitcoin transfers by significant holders like Mt. Gox have often led to swift price changes. However, current on-chain activity indicates a reduced connection between such movements and price fluctuations.
Additionally, the Bhutanese government transferred $63 million worth of Bitcoin to three distinct wallets on Monday, as reported by Onchain Lens leveraging Arkham Intelligence data. One of these wallets currently contains 600 BTC, valued at approximately $53 million.
Since implementing Bitcoin mining in 2019, utilizing its vast hydroelectric resources, Bhutan’s total cryptocurrency holdings now represent 30.7% of its GDP, predominantly comprising Bitcoin alongside minor amounts of Ether and other tokens.
