On the morning of March 25, 2025, the Mt. Gox exchange – which collapsed in 2014 after a historic hack – continued to draw attention by transferring $1.01 billion in Bitcoin (about 11,501 BTC) to a new wallet, according to data from Arkham Intelligence. Notably, this BTC originated from a wallet that received $1 billion in a transaction on March 11, marking the third time this month the exchange has made large transfers. So, what does this move conceal?
Signs of Repayment or Other Strategies?
Mt. Gox currently holds about 35,583 BTC (~$3.1 billion) after starting to repay creditors from July 2024, with a deadline extended to October 31, 2025. The transfer of 10,608 BTC (~$929 million) to a changing wallet and 893 BTC (~$78 million) to a hot wallet suggests two possibilities:
Repaying creditors: Previous movements (on March 6 and March 11, totaling over 23,000 BTC) sent a small portion to Bitstamp, the exchange supporting distribution. This time, the BTC in the hot wallet may soon be transferred for payment.
Preparing for a sell-off?: History shows that large movements from Mt. Gox often raise concerns about sell-offs, though this time the Bitcoin price (~$88,000, March 26) only dropped slightly by 0.5%, indicating the market has become less sensitive.
However, the specific purpose remains unclear. Glassnode notes that there is no on-chain evidence suggesting that repayment is imminent, and most BTC may still be in the hands of exchanges like Kraken or others, not yet in the hands of creditors.
Market Impact: Calm Before the Storm?
Despite transferring $1 billion, Bitcoin only slightly dropped to ~$87,500 (CoinGecko), far from the strong fluctuations of 2024 (such as when BTC dropped from $70,000 after a $9 billion movement in May 2024). This indicates:
Mature market: Investors are less panicked by news from Mt. Gox.
Positive expectations: The crypto-friendly policies of the reserve (BTC, stablecoin) may overshadow concerns of sell-offs.
Conclusion: Waiting for Answers from Mt. Gox
The $1.01 billion movement of Mt. Gox is a sign of the continued asset restructuring process, but whether it is repayment or a sell-off remains a mystery. With 35,000 BTC remaining and more than 7 months left, every step of the exchange is being closely monitored. Is this the light at the end of the tunnel for creditors, or the beginning of new volatility? The market is waiting – and for now, remains calm!
Risk warning: Crypto investment carries high risks due to price volatility. Please consider carefully before participating.