Mt. Gox Bitcoin Transfers

Mt. Gox, once the largest Bitcoin exchange, is gradually releasing its Bitcoin holdings as part of a lengthy rehabilitation process following its collapse in 2014. Recently, it transferred 11,501.4 BTC, valued at approximately $1 billion.

This transfer consisted of:
– 10,608 BTC (~$929.7M) sent to a new wallet.
– 893.4 BTC (~$78.3M) sent to a warm wallet, often used for transactions and likely to be moved soon.

This follows a previous transfer of 332 BTC (~$25.5M) to the Bitstamp exchange. Given the amounts involved, speculation arises that the BTC in the warm wallet may soon be moved or sold, impacting the market.

> ATTENTION: Mt. Gox just moved 11,501.4 BTC ($1B)!
> This includes 10,608 BTC ($929.7M) sent to a new wallet and 893.4 BTC ($78.3M) to a warm wallet.
> Notably, after Mt. Gox’s previous transfer, 332 BTC ($25.5M) was deposited into #Bitstamp.
> It is likely the 893.4 BTC… link
> — Spot On Chain (@spotonchain) March 25, 2025

This marks the third significant transfer by the exchange in four weeks, with earlier shuffles of 12,000 BTC and 11,833 BTC on March 6 and March 11, respectively.

So far, these latest transfers have not impacted the spot price, a notable difference compared to last year when they caused concerns of creditor sell-offs, resulting in significant price swings.

Many believe that these large transfers may indicate impending creditor payouts, with an option to receive payouts in Bitcoin. A Reddit poll in July 2024, after the first payout, showed that most creditors are not rushing to sell their Bitcoin, suggesting they may be holding onto their payouts instead of cashing out.

Mt. Gox began repaying creditors in July 2024, using its holdings of 142,000 BTC (~$11 billion) and 143,000 Bitcoin Cash (~$47 million), among other funds. Some creditors received payments through Kraken and Bitstamp. The exchange still holds approximately 35,000 Bitcoin, valued at $3.1 billion.

However, last October, it postponed the full creditor payout deadline to October 31, 2025, due to ongoing verification and processing for claimants.