The bankrupt crypto exchange Mt. Gox executed another massive transaction

This marks the second time in a week that Mt. Gox has moved a similar amount of Bitcoin, raising concerns about the impact of creditor repayments on the crypto market.

Bankrupt crypto exchange Mt. Gox executed another massive transaction on March 11, transferring 11,833 BTC worth over $930 million. This marks the second time in a week that Mt. Gox has moved a similar amount of Bitcoin, raising concerns about the impact of creditor repayments on the crypto market.

Latest Mt. Gox Transaction Details

Source: Arkham

According to Arkham Intelligence data, the latest Bitcoin transfer included:

The latest transaction follows a similar transfer on March 6, when Mt. Gox moved 12,000 BTC worth over $1 billion. Of that amount, roughly $15 million was sent to BitGo, a custodial service managing creditor repayments. Data from Spot On Chain shows that Mt. Gox’s main wallet now holds only 24,411 BTC, valued at approximately $1.94 billion.

Market Reaction

Immediately after the transaction, Bitcoin’s price dropped 2.4% within 30 minutes, hitting $76,784, according to CoinGecko. The result was the lowest price since November 2023, a period of market optimism fueled by expectations of a Donald Trump election victory.

Source: Arthur Hayes

However, Bitcoin rebounded quickly, climbing back to $79,275. Arthur Hayes, Chief Investment Officer of Maelstrom, advised investors to remain patient, predicting that Bitcoin might find a local bottom near $70,000 before resuming an upward trajectory.

Global Markets Tumble Amid Inflation Fears

In other news, global markets saw a decline on Wednesday as worries over sticky inflation led to selling pressure. The Dow Jones Industrial Average fell 1%, while the S&P 500 slid 0.7%. European markets also saw losses, with the STOXX 600 down 0.5%.

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