The crypto market has been rocked by a surprising news: Mt. Gox, the former failed Bitcoin exchange, has transferred 13,265 BTC, or about $700 million, to new wallets. This movement, the first of its kind in almost three weeks, has raised many questions about Mt. Gox and on the potential implications for the cryptocurrency market. This article explores the details of this transaction and its impact on the Bitcoin ecosystem.
The Massive Bitcoin Transfer by Mt. Gox
According to blockchain data, the address associated with Mt. Gox transferred 12,000 BTC, or approximately $709 million, to an empty wallet. The remaining 1,265 BTC ($75 million) was sent to a cold wallet owned by Mt. Gox. This transaction of unprecedented size immediately sparked speculation about a possible distribution of funds to Mt. Gox, who have been waiting for their repayment since the platform’s bankruptcy in 2014.
However, Alex Thorn, head of research at Galaxy Digital, has nuanced these interpretations. According to him, only 1,265 BTC ($74.5 million) would be destined for distribution, the rest being transferred to a new cold wallet owned by the company. This suggests that the market impact could be limited, contrary to initial fears.
The Limited Impact on Bitcoin Price
Despite the magnitude of the transfer, the price of Bitcoin has remained relatively stable, now above $59,000. This measured market reaction contrasts with previous price declines observed in Mt. Gox-related announcements. Last July, the platform had already transferred 47,229 BTC to three unknown wallets without causing a crash.
