Largest Bitcoin Transfer in 8 Months: Market Watches Closely
The biggest Bitcoin transaction in eight months was performed by the now-defunct Japanese cryptocurrency exchange Mt. Gox. This occurs despite the exchange delaying creditor repayments until the end of 2026. 10,608 Bitcoin, valued at more than $953 million, were moved into a new cryptocurrency wallet by the Mt. Gox-labeled cold wallet. Since March 25, the transfer was the address’s first movement of more than $1 million. According to Arkham, 893 BTC worth $77.3 million was transferred on that day. As of this writing, Mt. Gox still has 34,689 Bitcoin, valued at roughly $3.14 billion.
Mt. Gox’s Delayed Repayments Signal Less Immediate Sell Pressure
The cryptocurrency community was taken aback by the transfer. Citing unfinished creditor processes, the defunct exchange postponed its repayments for an additional year, to October 31, 2026.
As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline,
Mt. Gox’s announcement
Due to the delay, around $4 billion worth of Bitcoin will stay off the market for an additional year. This lessens the possibility that Mt. Gox’s defunct creditors may abruptly sell off.
Mt. Gox Sparks Speculation With $900M Bitcoin Move
The transfer was interpreted by some industry observers as a worrying indication that Mt. Gox might be getting ready to sell its holdings. The current decline in the cryptocurrency market may be exacerbated by this.
Mt. Gox has just moved over $900M in bitcoin, likely preparing to dump it on the market,
Jacob King, financial analyst and CEO at SwanDesk
Nevertheless, the receiving wallet, designated “1ANkD,” has only retained the 10,608 BTC that it was given thus far. Centralized exchanges have not received any currencies from it. This would indicate an impending sale more strongly.
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