Mt. Gox Bitcoin on The Move Again, What Is Happening?

After weeks in dormancy, wallets linked to Mt Gox have started transferring Bitcoin again, with up to $172 million moved

Defunct cryptocurrency exchange Mt. Gox has triggered excitement in the broader digital market. The exchange’s activity appears to have added to the prevailing bullish performance of the world’s leading digital currency, Bitcoin (BTC).

Is Mt. Gox Having Continued Influence on Bitcoin?

Arkham Intelligence data show that Mt. Gox has substantially transferred to an unknown wallet. According to the transfer details, Mt. Gox moved $172.54 million worth of Bitcoin even as the market price surged to new levels in the crypto sector.

The volume of Bitcoin transferred stood at 1,619.6 BTC. The transfer coincided with Bitcoin’s sudden spike over the $106,000 price level. Some have speculated that the Mt. Gox transfer might have influenced BTC’s upward price movement.

Despite this notable transfer, Mt. Gox still holds approximately 37,705 BTC, valued at over $4 billion, as seen on Arkham data.

As of this writing, BTC is exchanging at $107,141, representing a 2.43% increase. Investors’ confidence remained high by 20.98% to $80.23 billion. 

This bullish performance of Bitcoin has pushed BTC’s market capitalization up by 2.34% to $2.12 trillion. The rapid increase of $0.12 trillion comes barely two weeks after it reached $2 trillion on December 4. The upsurge occurred when Bitcoin breached the psychological $100,000 price level for the first time.

Meanwhile, Mt. Gox’s transfer occurred after the defunct exchange shifted the repayment timeline. As reported by BGECrypto, the deadline for repayment has been shifted to October 31, 2025, after a court approved the extension. 

According to the report, the extension allows Mt. Gox to repay creditors without rushing.

Prolonged Repayment Timeline Raises Questions

Notably, the repayments have become necessary to compensate creditors who suffered financial losses following the exchange’s collapse about a decade ago. Some success was achieved after a drawn-out legal battle and attempts to recover the lost assets.

In 2018, about 200,000 BTC were recovered, and the courts had to weigh in by appointing a court trustee to oversee them. Since then, Mt. Gox creditors have been looking forward to compensation. However, the whole process has been tainted with frustrating delays and postponements.

Repaying to these creditors could boost crypto activities as it provides more liquidity for market participation. 

Interestingly, Bitcoin enjoyed an impressive performance in 2024, recording several milestones that added to the overall positive sentiments. Notably, the Bitcoin exchange-traded funds (ETFs) were approved this year, the fourth halving occurred, and BTC crossed $100,000 for the first time.

These bullish developments have placed Bitcoin as the seventh-largest asset with a market capitalization greater than Silver.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.