Oct 13, 2025
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– Long-dormant Bitcoin stash moved to exchange, sparking market concerns – 300 BTC worth $33.47M sent to Binance from old Mt. Gox wallet – Original BTC purchase price was $11, now worth $115,000 – Remaining 590 BTC still held in the same group of addresses – Market volatility follows large crypto liquidations and ETF inflows – Analysts monitor potential sell-off impact on short-term supply dynamics
A dormant Bitcoin wallet linked to Mt. Gox moved 300 BTC to Binance, causing market speculation about potential selling pressure.
Mt. Gox Origins And Returns
- 300 BTC from addresses tied to Mt. Gox were transferred to Binance.
- Originally acquired at $11 each, the 300 BTC are now valued at $33.47 million, marking a 410,624% return.
- Approximately 590 BTC remain in the same address cluster.
Wallet Activity
- Last year, the owner transferred 159 BTC to a new wallet but did not sell.
- The current move to a Binance hot wallet suggests potential for quick sale.
Market Impact
- BTC price bounced back to $115,000 after a dip to $102,000, triggering significant liquidations.
- ETFs saw $2.7 billion inflows last week, indicating strong institutional demand despite volatility.
- On-chain analysts highlighted the movement, raising concerns over increased supply from dormant coins.
Potential Risks
- Selling some of the 300 BTC could add downward pressure on prices.
- The transfer might also be for estate consolidation or moving to cold storage, not necessarily for sale.
- Traders will monitor for withdrawals to multiple exchange addresses as a potential selling signal.