Mt. Gox Moves Another $900M in Bitcoin as Market Drops

The long-defunct Mt. Gox exchange has once again made a massive Bitcoin transfer, raising concerns about the potential market impact of its upcoming creditor repayments. On March 11, Mt. Gox moved 11,833 BTC—valued at approximately $931 million—just days after shifting over $1 billion worth of Bitcoin on March 6. According to Arkham Intelligence data cited by Lookonchain, the majority of the latest transfer—11,501 BTC ($905.1 million)—landed in a new wallet, while the remaining 332 BTC ($26.1 million) was sent to a warm wallet. This latest movement may be another step toward returning funds to creditors who have waited over a decade for reimbursement. Remarkably, the entire transaction cost just $2.13 in fees, highlighting Bitcoin’s efficiency despite its high value. Meanwhile, blockchain analytics firm Spot On Chain speculated that the 332 BTC directed to the warm wallet could soon be sent to a custodian like BitGo, which is helping facilitate the repayments. Bitcoin Dips Amid Market Jitters The timing of this transfer coincided with a drop in Bitcoin’s price, which briefly fell to $76,784 within 30 minutes of the move, according to CoinGecko data. While BTC recovered to $81,100 soon after, the dip momentarily brought the asset back to levels last seen in November 2023, when optimism around Donald Trump’s election campaign was fueling a rally. Arthur Hayes, CIO of Maelstrom and former CEO of BitMEX, weighed in on the situation, advising investors in a March 11 X post to remain calm, predicting that Bitcoin could bottom out around $70,000 before rebounding. A Decade-Long Saga As of now, Mt. Gox’s main wallets hold just 24,411 BTC—worth around $1.94 billion—after the exchange began offloading its reserves in June 2024. With an estimated $9.2 billion in Bitcoin still to be repaid, many market watchers are keeping a close eye on further Mt. Gox transactions. Once the dominant exchange in Bitcoin’s early days, Mt. Gox handled 70-80% of all BTC trades before its infamous 2014 collapse, caused by the theft of up to 850,000 BTC. After years of delays, the exchange extended its final repayment deadline to October 31, 2025. Market volatility may persist as creditors receive their long-awaited funds and decide whether to hold or sell. The post Mt. Gox Moves Another $900M in Bitcoin as Market Drops appeared first on TheCoinrise.com .