Mt. Gox Moves Over $2B in Bitcoin, What’s Next for BTC Price?

Mt. Gox’s recent $2 billion Bitcoin transfer, following resumed wallet activity, adds to speculation around future creditor payouts.

Key Notes

Mt Gox transferred over $2 billion in Bitcoin to two addresses, sparking market speculation.The exchange's wallet activity resumed in late October after more than a month of dormancy.Mt Gox still holds 44,378 BTC, with future transfers potentially impacting the market.

Now-defunct exchange Mt. Gox shifted more than $2 billion to two addresses on November 10. This large-scale transfer marks one of the major movements from Mt. Gox’s remaining reserves, adding another twist to a decade-long restitution for the exchange’s thousands of creditors.

As per the data by Arkham Intelligence, Mt. Gox wallet identified as “1FG2C…Rveoy” moved around 27,871 BTC (valued at $2.24 billion) to a new wallet. In parallel, another transfer of 2,500 BTC BTC $81 651 24h volatility: 2.7% Market cap: $1.61 T Vol. 24h: $88.22 B (valued at $200 million) was sent to a Mt. Gox cold wallet.

Notably, Mt. Gox currently holds an additional 44,378 BTC. The collapsed exchange’s wallet activities, which had been dormant for over a month, began showing movement at the end of October. Earlier this month, the exchange transferred a smaller amount of 500 BTC to unknown addresses.

As Bitcoin prices hover near all-time highs, these transfers have market observers speculating on possible implications for the BTC price trajectory.

Uncertainty Over Upcoming Distributions

The Mt. Gox saga, which began with its 2014 security breach and subsequent bankruptcy filing, has remained one of crypto’s most complex legal and financial dramas. The exchange’s downfall resulted in the loss of 850,000 BTC.

While it is uncertain if the latest transfer is directly tied to creditor repayments, the timing and scale of these transactions have reignited speculation. Historical precedent suggests Mt. Gox’s remaining assets may be channeled toward creditor distributions through centralized exchanges such as Bitstamp and Kraken, though this remains unconfirmed.

Meanwhile, the delay in repayment to creditors continues. Last month, Mt. Gox’s trustee extended the repayment deadline by another year, moving it from October 31, 2024, to October 31, 2025. The postponement was attributed to several unresolved issues: incomplete repayment procedures on the part of some creditors and an unexpected “system issue” that reportedly caused duplicate deposits for a subset of recipients.

The trustee has reached out to impacted creditors, requesting the return of any mistakenly distributed funds.

What’s Next for Bitcoin?

As Bitcoin’s value surges to unprecedented highs, Ki Young Ju, CEO of CryptoQuant, has issued a cautious outlook. He stated that Bitcoin may end the year below $59,000 due to what he described as an overheated futures market.

Bitcoin is currently trading around $80,995, up by over 2.5% in the last 24 hours. The cryptocurrency has also seen a major uptick in its market cap in the past few days, currently sitting around $1.6 trillion.

Ju’s prediction underscores the tension between Bitcoin’s current bullish momentum and the potential for a major correction. Mt. Gox’s substantial asset movements could amplify volatility in an already sensitive market, with the possibility of intensified selling pressure should creditor payouts flood the market.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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