- Mt. Gox moved 32,371 BTC ($2.19B) to new wallets, its largest monthly transfer.
- Bitcoin trades at $80,378, down 2.51%, with resistance at $85,000 and support at $78,000.
Defunct crypto exchange Mt. Gox moved 32,371 BTC ($2.19 billion) to new wallets on Monday, marking its largest transfer in months, according to Arkham Intelligence. The movement has sparked speculation about potential creditor repayments.
Most of the Bitcoin 30,371 BTC was sent to wallet “1FG2C…Rveoy”, while 2,000 BTC initially landed in Mt. Gox’s cold wallet before being moved to an unmarked address. Last week, the exchange transferred 500 BTC to two unknown wallets.
The reason for these transfers remains unclear. However, past movements have often preceded repayments through centralized exchanges such as Bitstamp and Kraken. Some analysts believe this could be an early step toward reimbursing creditors, while others suggest Mt. Gox may be testing wallets before larger distributions.
The recent transfers come after the exchange postponed its creditor repayment deadline from October 31, 2024, to October 31, 2025. Originally, Mt. Gox planned to distribute 141,686 BTC among creditors, but delays have caused frustration. The trustee previously cited operational and security concerns for the postponement.
Bitcoin in Today’s Market
At the time of writing, Bitcoin trades at $80,378.74, down 2.51% in 24 hours. The market cap has fallen to $1.59 trillion, while trading volume surged 51.27% to $59.57 billion.
Bitcoin faces resistance at $85,000, with support at $78,000 and $75,000. The RSI at 37.97 signals oversold conditions, while a Chaikin Money Flow (CMF) of -0.04 indicates weak buying pressure.
Mt. Gox’s latest Bitcoin transfers have reignited speculation about creditor repayments, though no official announcement has been made. Mt. Gox collapsed in 2014 after losing 850,000 BTC to a hack, making it one of the largest failures in crypto history. In recent years, the exchange has recovered around 200,000 BTC, which is set to be repaid to creditors. However, the timeline remains uncertain.
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