Bitcoin’s ($BTC) price was sitting at around $90,000 early on 6 March 2025, after going up by 3.44% over the past day. But this quickly changed when 12,000 $BTC, worth over $1 billion, was suddenly moved from a wallet linked to Mt. Gox, the failed cryptocurrency exchange.
Blockchain analysts at Arkham Intelligence spotted the transfer and alerted the community. The sudden movement of such a large amount of Bitcoin has raised questions about whether the market could see increased volatility.
This isn’t the first time Mt. Gox-linked wallets have been active. Back in December 2024, the exchange moved $2.8 billion worth of Bitcoin, making waves in the market.
Even though Mt. Gox collapsed in 2014 after a massive hack that resulted in the loss of 850,000 $BTC, it still holds a large amount of Bitcoin. If sold in large quantities, these holdings could affect the price of Bitcoin.
What does this mean for Mt. Gox creditors?
The Mt. Gox bankruptcy case has dragged on for nearly a decade, and creditors are still waiting for repayment. Originally, payouts were supposed to start in 2024, but last October, the deadline was pushed to 31 October 2025.
Some believe that this latest $1 billion transfer is linked to the long-awaited repayments, though there has been no official confirmation from those handling Mt. Gox’s assets.
According to Arkham Intelligence, 11,834 $BTC was moved from a Mt. Gox wallet (1PuQB) to an unknown address (1Mo1…), while an additional 166.5 $BTC ($15.12 million) was sent to another wallet.
It’s not yet clear if this is part of a plan to start repaying creditors or if it’s simply an internal transfer by the trustees managing the funds.
If this transfer is related to creditor repayments, it could lead to increased selling pressure. Many creditors have held onto their Bitcoin since before 2013, when prices were much lower.
Now that Bitcoin is valued at around $90,000, some might cash out. On the other hand, if the transferred Bitcoin remains in cold storage instead of being sent to exchanges, the market may not be affected much.
Past trends suggest that Bitcoin has often been able to recover from large sales. Institutional investors and adoption by major companies have helped stabilise the cryptocurrency market in recent years. However, traders are still being cautious as they wait for more information.
How is the market reacting?
Bitcoin’s price briefly climbed above $91,903 following the transaction, but it has struggled to hold steady. Part of this is due to broader economic issues.
The market has been reacting to US President Donald Trump’s trade tariffs, which took effect on 4 March and have impacted high-risk assets like Bitcoin.
Crypto traders and analysts have mixed opinions on what this latest move by Mt. Gox means. Some believe it’s simply a routine internal transfer, while others see it as a sign that creditor repayments are getting closer.
Well-known trader, Michaël van de Poppe, the founder of MN Trading, shared his thoughts on social media, “If Bitcoin flips $91,500, we’re back in the range, and we could push toward a new all-time high”.
However, not everyone is convinced. Another trader, known as Mandrik, summed up the confusion in the market by saying, “No one has any idea what the hell is going on”.
Despite Bitcoin’s price recovering somewhat, investor sentiment remains weak. The Crypto Fear & Greed Index, which tracks how people feel about the market, is still in the “Extreme Fear” category, scoring just 25.
Even though Bitcoin’s price has risen, this score has only moved up by 5 points, showing that many investors are still worried.
Many in the crypto community are looking ahead to the US Crypto Summit on 7 March, which could provide more clarity on Bitcoin’s short-term future. The event will include more than 25 participants, including members of the Presidential Working Group on Digital Assets.
Bitcoin’s volatile week
The latest Bitcoin movements from Mt. Gox comes at a time of high market volatility. Over the past week, Bitcoin has experienced wild price swings.
On 2 March, Bitcoin briefly reached $94,727 after former US President Donald Trump announced plans for a crypto reserve. This created excitement in the market, pushing prices higher.
However, just two days later, on 4 March, Bitcoin’s price plunged to $82,171 as investors reacted to the new US trade tariffs.
The market did show some signs of recovery on 5 March, as Bitcoin climbed back up to around $90,000. However, traders remain cautious about whether Bitcoin can maintain this level or if further drops could be ahead.
There is also much excitement coming from the possibility of the US government introducing a Bitcoin Strategic Reserve, a topic expected to be discussed at a White House crypto summit on 7 March.
Some analysts believe that if Bitcoin attempts to break above $94,000 again, it could face strong resistance from sellers looking to cash out.
Meanwhile, Mt. Gox-linked wallets still hold 36,080 $BTC, worth approximately $3.26 billion. This means there could be more large transfers in the future, potentially impacting market stability further.
While the reason behind this $1 billion Bitcoin move is still unclear, it has sparked a wave of speculation across the market.
With Mt. Gox’s repayment deadline still months away, some believe the exchange’s trustees are consolidating assets before making payouts. Others think this is just a normal security measure.
