How Did the Massive Bitcoin Transfer from Mt. Gox Impact the Crypto Market?
Mt. Gox, the bankrupt cryptocurrency exchange, has attracted attention again with a large Bitcoin transfer. According to the blockchain analysis platform Spot on Chain, a wallet associated with Mt. Gox moved 32,371 BTC, worth approximately $2.19 billion, to new wallets. This transaction took place on November 4 at 23:38 (UTC).
Most of the transferred Bitcoins—30,371 BTC—were sent to an unknown address. An additional 1,915 BTC was transferred to another address one hour later. Finally, 84,576 BTC was moved to a different address.
Spot on Chain analyzed the recent movements in Mt. Gox’s wallet. In the last four days, a total of 32,871 BTC, valued at $2.22 billion, was transferred to various blockchain wallets. Among these transfers, a smaller amount of 296 BTC was sent to leading crypto exchanges like OKX and B2C2.
The remaining 12,006 BTC in the Mt. Gox wallet corresponds to approximately $810 million. According to Arkham Intelligence, this wallet contains 44,378 BTC, valued at $3.04 billion. The discrepancy stems from the differences in the redistribution volume of the wallets and the analytics platforms.
The large-scale Bitcoin transfers from Mt. Gox are causing fluctuations in the market. Although the effort to compensate users’ losses is well-received, such large movements can lead to short-term declines in BTC prices due to selling expectations. Historical data indicate that users have generally preferred to sell a portion of their amounts after receiving refunds.
Immediately following this transfer, the price of Bitcoin briefly dropped from $68,000 to $66,844. However, Bitcoin, which dominates the crypto market, quickly recovered from this decline and succeeded in surpassing the $68,000 level again.
According to Arkham's analysis, the transfer details show that Mt. Gox transferred $2.2 billion worth of Bitcoin to previously unmarked wallet addresses. This transfer occurred following a smaller transaction of 500 BTC completed shortly before, which increased market curiosity.
This transfer, indicating activity from Mt. Gox, is among the first large-scale Bitcoin transactions since the end of September. Following the transfers, the total amount remaining in the wallet is estimated to be approximately 44,378 BTC, valued at around $3.03 billion. The market fluctuations affected this value, leading to a loss of $32.97 million in the portfolio.
Current status of Bitcoin prices
Despite the recent transfers, Bitcoin has shown resilience, recovering from yesterday’s losses with a 1.30% increase today and beginning to move around the $69,000 mark. During this period, trading volume also rose by 25.15%, reaching $41.19 billion.