The defunct cryptocurrency exchange Mt. Gox has executed another massive Bitcoin (BTC) transfer, moving $1 billion in BTC.
The transfer comes as the exchange’s creditor payouts approach, with the deadline set for October 2025.
Mt. Gox Shifts 11,501 BTC in Massive Transfer
According to blockchain analytics firm Arkham Intelligence, Mt. Gox transferred a total of 11,501 Bitcoins to two wallets. A change wallet (address: 1DcoA) received 10,608 BTC worth $929 million. In addition, Mt. Gox’s hot wallet (address: 1Jbez) received 893 BTC worth $78 million.
This move follows two significant transactions earlier this month. On March 6, the exchange transferred 12,000 BTC worth $1 billion at the time. Less than a week later, it made another 11,834 BTC transfer valued at $910 million.
In the latter instance, 332 BTC worth over $25 million was deposited into the Bitstamp exchange, hinting at potential liquidation activity. Thus, SpotOnChain suggested that the 893 BTC sent to the hot wallet could soon be on the move again, too.
After the latest transfer, Mt. Gox still holds 35,583 BTC worth over $3 billion. The latest actions may signal preparations as the exchange moves to repay creditors who lost funds in its infamous hack over a decade ago.
An approaching repayment deadline adds urgency to the situation. Last October, the trustee overseeing Mt. Gox’s assets extended the cutoff for creditor repayments by a year, setting a new date of October 31, 2025.
“Many rehabilitation creditors still have not received their Repayments because they have not completed the necessary procedures for receiving Repayments. Additionally, a considerable number of rehabilitation creditors have not received their Repayments due to various reasons, such as issues arising during the Repayments process,” the notice read.
Meanwhile, the transfer had minimal impact on Bitcoin’s price. According to BeInCrypto data, BTC was only down 0.19% over the past day. At the time of writing, it traded at 86,756.
Notably, the coin has been gradually recovering from recent losses. BeInCrypto’s analysis indicates Bitcoin is approaching a breakout from a descending wedge pattern. If confirmed, this could set the stage for further gains, potentially reaching up to $95,000.
Arthur Hayes, former CEO of BitMEX, has also shared a bullish outlook for Bitcoin.
“The price is more likely to hi $110k than $76.5k next. If we hit $110k, then it’s yachtzee time and we ain’t looking back until $250k,” he wrote on X.
His reasoning is based on the expectation that the US Federal Reserve will shift from quantitative tightening (QT) to quantitative easing (QE), which would increase liquidity. Hayes also suggested that tariffs and their inflationary effect won’t have a lasting impact on the economy. Therefore, this would not hinder Bitcoin’s potential rise.
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