Mt. Gox Moves $970M in Bitcoin; No Imminent Sell-Off
Mt. Gox moved 10,608 BTC (around $953 million) from its cold wallet in its largest transfer in eight months. Since July 2024, creditor repayments have driven several large Bitcoin transfers, and the trustee recently extended the repayment deadline to October 2026. After this shift, Mt. Gox still holds 34,689 BTC (about $3.1 billion).
On-chain data show no coins sent to exchanges. This suggests no immediate sell-off and limited market impact. Institutional demand and US spot ETFs have absorbed most new supply since mid-2024.
Analysts warn of potential short-term volatility around creditor repayments. Traders should monitor Mt. Gox wallet activity for further Bitcoin transfers. Overall, this Bitcoin transfer signals a neutral outlook for the market.
Neutral
Mt. Gox’s large Bitcoin transfer did not send coins to exchanges, reducing immediate sell-off risk. On-chain data and institutional demand, including US spot ETFs, have mitigated market supply since mid-2024. While creditor repayments can trigger short-term volatility, the delayed deadline and absence of exchange flows suggest limited impact on price. Traders should watch wallet activity, but the overall effect on Bitcoin markets remains neutral.