In the context of sustained market enthusiasm, a massive BTC transfer from the previously troubled exchange Mt. Gox has once again triggered the sensitive nerves of many investors.
Especially on Thursday, as BTC prices successfully broke the $100,000 barrier, this bankrupt exchange quietly transferred 24,000 BTC, which undoubtedly stirred up a huge uproar in the market, raising deep concerns about its potential creditors' repayment plans.
According to data released by Spot on Chain on December 5, Mt. Gox has transferred approximately $2.43 billion worth of BTC into a new wallet named '1N7jW'.
This transaction quickly attracted widespread attention from the market following BTC's historic breakthrough, although some speculate that the wallet may only be an internal address, the doubts in the minds of market observers have not dissipated, given that Mt. Gox has yet to make any substantial payments to creditors.
Even more strikingly, on-chain data reveals a shocking fact:
Mt. Gox still holds up to 15,826 Bitcoins across 31 known wallet addresses, with a total value exceeding $1.63 billion. Just last month, the exchange also transferred 2,570 Bitcoins.
This large-scale transfer of funds undoubtedly intensified market discussions and concerns amidst the uncertainty surrounding the creditors' repayment plans.
Meanwhile, the soaring BTC price has become the focus of market attention. As of the writing of this article, the BTC price has risen nearly 6% during the session, firmly standing at a high of $102,483.
The session's lowest and highest prices reached $94,660 and $104,088, respectively. This strong surge is viewed as a positive response to Donald Trump's pro-crypto policies.
The news that Trump ultimately announced Paul Atkins as the new SEC chairman injected a strong wave of optimism into the market.
Additionally, data from Coinglass shows that the open interest in Bitcoin futures has increased by 9%, reaching $64.62 billion; the trading volume of derivatives has surged by 95%, reaching an astonishing $154.09 billion.
All these data indicate that as market trends become increasingly favorable for crypto assets, interest and enthusiasm are continuously rising.
In this context, Ali Martinez also reiterated this upward trend on his social media. He predicts that before experiencing a significant correction of 15-30%, BTC prices are expected to further challenge high levels of $135,000 or even $159,000.
This bullish expectation is strongly supported by historical trends. However, as Mt. Gox continues to make significant moves in a strong market, market enthusiasts are eagerly anticipating further price increases of the flagship cryptocurrency while also remaining vigilant about potential fluctuations in BTC prices and actions that creditors may take. After all, if BTC prices fall below the $100,000 mark, creditors may choose to sell their held assets for their own interests.
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