Mt. Gox Transfers $172.5 Million Worth of Bitcoin Amid Price Surge
Mt. Gox, a defunct crypto exchange, transferred $172.5 million worth of Bitcoin to undisclosed wallets shortly after Bitcoin neared $108,000, igniting speculation in the crypto market.
On December 17, Arkham Intelligence reported a transfer of 1,619.6 BTC in two transactions: one for 1,427.9 BTC and another for 191.7 BTC. This occurred soon after Bitcoin surpassed $100,000, marking a historic milestone.
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The 1,427.9 BTC was partially directed to a wallet starting with “1DeY” via a middle address. The 191.7 BTC and part of the larger amount were routed through various addresses before ending up in a wallet labeled “1KLr,” which now holds around 300 BTC. The purpose of these transfers remains unclear.
Mt. Gox, which filed for bankruptcy in 2014, previously moved Bitcoin holdings before creditor repayments. On December 5, it transferred over 24,000 BTC, valued at nearly $2.5 billion at that time, following Bitcoin's first rise above $100,000.
No Impact on Bullish Sentiment
Despite these significant movements, Bitcoin has maintained stability, trading above $107,000 after peaking at $107,780 on December 16. Concerns about potential sell-offs linked to such transfers have not materialized.
Market participants recall past predictions of a correction in Bitcoin's price, including financial author Robert Kiyosaki suggesting a drop to $60,000. However, Bitcoin has remained resilient.
The Mt. Gox trustee extended the repayment deadline for creditors to October 31, 2025, due to many claimants not completing necessary steps for payouts. Despite delays, Mt. Gox has repaid significant portions of its debts, moving over $9 billion worth of Bitcoin to various partners.
Billions Still Held in Reserve
Current data indicates Mt. Gox holds 36,085 BTC, valued at approximately $3.86 billion. These reserves are significant during Bitcoin's rally above $100,000 since December 13.
Bitcoin recently reached a new all-time daily high close at $105,750 and increased by 2.30% within 24 hours, trading above $107,000. This bullish momentum has generated optimism among investors.
Analysts from VanEck and Bitwise forecast Bitcoin could reach between $180,000 and $200,000 by the end of next year, driven by institutional interest and mainstream adoption.
While the reasons behind Mt. Gox’s large transfers remain unknown, they appear to have not adversely affected Bitcoin's price trajectory, indicating that optimism may outweigh uncertainty in the market.