Mt. Gox Transfers 27,871 BTC Worth $2.8 Billion Amid Price Surge
On Thursday, a significant Bitcoin transfer linked to the defunct Mt. Gox exchange drew attention as Bitcoin prices surpassed $100,000. An address associated with Mt. Gox moved 27,871 BTC, valued at $2.8 billion, to an undisclosed wallet, prompting speculation among analysts and traders.
The transaction was flagged by Arkham Intelligence, identifying the originating wallet as Mt. Gox’s. Following this transfer, the exchange retains 39,878 BTC, worth over $4 billion. This activity is part of Mt. Gox's ongoing efforts to address debts and compensate former users.
This transfer follows another on November 12, when Mt. Gox moved 2,500 BTC, valued at $222 million, to an unknown address. These actions occur amid a lengthy claims process for creditor reimbursements.
Mt. Gox Extends Payout Deadline to 2025
Mt. Gox has extended its payout deadline from October 31, 2024, to October 31, 2025, due to additional verification and processing requirements. While some creditors have received fiat payments, many are still waiting for full compensation in Bitcoin or Bitcoin Cash, creating uncertainty around the timeline.
Despite these large-scale transfers, market prices have remained stable. Historically, such movements by Mt. Gox have affected market dynamics; however, Bitcoin's recent price surge has persisted, supported by positive developments in the crypto ecosystem.
Concerns exist regarding potential market disruptions if creditors sell their Bitcoin upon receiving payouts. Analysts are monitoring how these repayments will unfold and their effects on the market.
Institutional Investments Fuel Bitcoin Growth
Institutional interest is crucial to Bitcoin's recent growth. Bitcoin ETFs have facilitated mainstream adoption, with over 87% of institutional investors planning to allocate resources to digital assets in 2024. U.S. corporations are increasingly adopting Bitcoin as a treasury reserve asset.
Recent data shows varied performances among Bitcoin spot ETFs. On December 4, the sector recorded a net inflow of $557 million, with BlackRock’s IBIT ETF leading at $572 million, bringing its total holdings to $33.341 billion.
Conversely, Grayscale’s GBTC faced a net outflow of $94.31 million, totaling $20.643 billion in cumulative outflows. However, Grayscale’s Bitcoin Mini Trust ETF reported a positive net inflow of $55.71 million, increasing its historical total to $785 million.