he world of Bitcoin never sleeps, and neither does Mt. Gox. This defunct crypto exchange has made waves again, moving a whopping 12,000 BTC. That’s about $700 million worth of Bitcoin. The transaction took place around 11:39 pm UTC on August 20, sending this massive amount to a new, unknown wallet address starting with “1PuQB.” Along with this, Mt. Gox also transferred 1,265 BTC, worth approximately $74.8 million, to another address labeled as a Mt. Gox cold wallet, starting with “1Jbez,” according to Arkham Intelligence.
These funds have remained stationary since the move, adding to the intrigue. This is the most significant movement since late July, when the exchange moved over 47,000 BTC. The recent transfer caught everyone’s attention, especially since it was sent to a mysterious new wallet. This has stirred up speculations in the crypto community.
💥BREAKING: Mt. Gox just sent out another $784m worth of #Bitcoin! pic.twitter.com/nHmZgzCTLl
— Crypto Rover (@rovercrc) August 21, 2024
Arkham and Galaxy Weigh In
Arkham Intelligence, a blockchain analytics firm, quickly identified the movement of funds. They pointed out that a smaller portion, around 1,265 BTC, went into a known Mt. Gox cold wallet. Galaxy’s head of research, Alex Thorn, provided some insight into these transactions. He believes that only this small portion might hit the market. The rest, around 12,000 BTC, is likely being stored securely for future purposes. This analysis helps ease fears of a massive sell-off that could affect Bitcoin’s price.
Bitcoin Still in the Game
Despite these massive movements, Bitcoin’s price has remained stable. The BTC market has seen its share of fluctuations, but the recent Mt. Gox transactions haven’t had a significant impact. Creditors are still waiting for their share, and many expect that this won’t be the last major move from Mt. Gox. However, with the majority of the BTC still in cold storage, it seems the market won’t feel the pressure anytime soon.
Galaxy Predicts a Small Impact
Alex Thorn of Galaxy has been vocal about what this move means for Bitcoin. He estimates that only a small fraction of the BTC moved by Mt. Gox will be sold. The rest is likely to stay in cold storage, owned by the estate. This prediction aligns with the current stability of Bitcoin’s price. Even with the large amount of BTC that Mt. Gox still holds, the market seems prepared to absorb any potential sell-offs.
Mt. Gox’s Bitcoin Legacy Continues
Mt. Gox might be defunct, but its influence on the Bitcoin market is still strong. With over 46,000 BTC still under its control, the exchange remains a significant player. The recent movements highlight the ongoing efforts to settle with creditors. But it also shows that many are choosing to hold their Bitcoin, expecting higher returns in the future. Mt. Gox’s legacy continues to shape the Bitcoin landscape, and the crypto world watches closely for its next move.
