Mt. Gox, the bankrupt crypto exchange, has recently been in the news for moving about 1,620 Bitcoin to new, unknown addresses, worth over $172.5 million.
This transfer happened when Bitcoin’s price was about $107,380, after reaching a high of $107,822, but it didn’t cause a big market reaction like earlier transactions by the exchange. Bitcoin whales that were inactive have started to get back into the market, according to Arkham Intelligence.
Previously, Mt. Gox moved a large amount of 24,000 BTC to unknown wallets. Recently, there were two transfers of 1,427.9 BTC and 191.7 BTC. Arkham, a blockchain security platform, reported that Bitcoin was sent to an address beginning with “1DeY” and then moved through various addresses before ending up in a wallet that now contains 300 BTC.
In November, Mt. Gox transferred $2.2 billion in Bitcoin as part of repayment plans. Then, on December 5, another big transfer of 24,000 BTC happened, worth $2.5 billion when Bitcoin was priced at $100,000. Mt. Gox has 36,085 BTC, worth about $3.86 billion, and creditors need to be repaid by October 31, 2025.
Even with the pressure from these transfers, Bitcoin has remained strong, hitting new highs over $100,000. People are feeling positive about Bitcoin for several reasons.
There’s more interest from big institutions in Bitcoin ETFs, the political environment in the U.S. is looking good for crypto, and companies like MicroStrategy are buying a lot of Bitcoin, making them the biggest corporate holders. Other companies, like Boyaa Interactive and Marathon, are using similar Bitcoin treasury strategies, which helps improve the market outlook.
