At a Bitcoin price of $92K volatility, Mt. Gox transfers 12,000 BTC worth $1 billion, prompting creditor repayment rumors ahead of the deadline of Oct. 31.
The defunct cryptocurrency exchange Mt. Gox has moved 12,000 Bitcoin (BTC) to an unnamed wallet, totaling more than $1 billion. According to Arkham Intelligence data, the price of Bitcoin fluctuated around $92,000 at the time of this transaction.
Amid Market Volatility, Mt. Gox Moves 12K BTC
Blockchain analytics company Arkham Intelligence revealed on March 6 that a wallet associated with Mt. Gox, designated as “1PuQB,” transferred 12,000 Bitcoin. The bulk—roughly 11,834 BTC, valued at over $1 billion—went to an unnamed wallet called “1Mo1n,” while 166.5 BTC, valued at about $15 million, went to Mt. Gox’s cold wallet, “1Jbez.”
Since January, when smaller amounts of Bitcoin were moved between Mt. Gox’s cold wallets, this transaction represents the company’s first significant financial movement. According to data from Arkham Intelligence, wallets connected to Mt. Gox still contain roughly 36,080 Bitcoin, or $3.26 billion.
“If Bitcoin price regains at $97,000, it could gain momentum for a move toward $150,000, according to the Pi Cycle Top indicator!” said cryptocurrency analyst Ali Charts in his analysis of X.
Market Responses On Mt. Gox BTC Distributions
The volatility of Mt. Gox’s Bitcoin holdings has historically caused investors to become alarmed. Many worry that significant transactions might result in creditor sell-offs once repayments start. Although no formal confirmation has been given, some industry experts think this most recent transfer may indicate that distribution preparations are underway.
“If Bitcoin’s success is predicated on the dollar’s failure… the ultimate winner will be gold,” said Peter Schiff, a longtime critic of the cryptocurrency, ahead of the White House Crypto Summit, which is anticipated to provide additional insights on the Bitcoin Strategic Reserve. Despite these worries, previous Mt. Gox transactions have not resulted in significant price declines.
Volatility of the Bitcoin Price & Institutional Activity
Over the past week, the price of Bitcoin has fluctuated significantly, peaking at $94,770 on March 3 and falling to $82,681 on March 4. After that, it recovered and traded above $90,000. As of this writing, the price of Bitcoin is around $92,000, up 4% over the previous day.
Santiment’s on-chain data shows a drop in whale transactions. Between February 25 and March 5, Bitcoin transactions over $1 million decreased by 30%. This implies that big investors are holding off on making big decisions until the market conditions are more precise.
Germany recently announced plans to lower debt limits for infrastructure spending, and the U.S. government recently postponed auto part tariffs from Canada and Mexico. Cryptocurrency and other high-risk assets have fluctuated as a result of these developments.
The trustee of Mt. Gox extended the repayment deadline to October 31, 2025, in light of these developments. Furthermore, many creditors still await the distribution of Bitcoin and Bitcoin Cash, even though some have already received fiat repayments.
