Bankrupt crypto exchange Mt. Gox moves another massive Bitcoin [BTC] stash

Bankrupt crypto exchange Mt. Gox has made yet another massive Bitcoin [BTC] transfer, marking its third significant transaction in less than a month.

Bankrupt cryptocurrency exchange Mt. Gox has made another large Bitcoin (BTC) transfer, detected by blockchain analytics firm Arkham Intelligence. The analysis firm flagged the movement of 11,501 BTC. Of this sum, 893 BTC — valued at approximately $78 million — was credited to the Mt. Gox cold wallet.

The remaining 10,608 BTC — worth around $929 million — was detected entering the exchange's change wallet.

This marks the third significant transaction by Mt. Gox in less than a month. Previous reports by cryptocurrency news outlet Token Post highlighted two earlier transfers of 12,000 BTC on the 6th of March and 11,833 BTC on the 11th of March.

This activity has sparked speculation about the exchange's ongoing asset management strategy as creditors await the final payout plans.

Additionally, blockchain analytics platform Spot On Chain revealed in an X (formerly Twitter) post that one of Mt. Gox's previous Bitcoin transfers this month was ultimately directed to cryptocurrency exchange Bitstamp.

This has led to speculation that the latest movement of 893 BTC to a warm wallet may soon follow a similar path.

Analysts suggest that these transactions could be part of a broader liquidation strategy as the exchange works toward creditor repayments.

Meanwhile, Arkham Intelligence data indicates that Mt. Gox still holds approximately 35,000 BTC — valued at around $3.1 billion — spread across wallets under its control, rendering the market attentive for any further movements.

Impact on Bitcoin

On the 24th of March, Bitcoin hit an intraday high of $88,772 on the Bitstamp exchange, but by the 25th of March, it had dipped by approximately 3%, signaling a pullback in price.

The significant drop in Bitcoin's value is partly linked to the massive Mt. Gox transfer, which may have added downward pressure on the market.

Moreover, the broader financial landscape seems to be influencing cryptocurrency movements, as U.S. stock market Futures also showed signs of weakness ahead of crucial economic data, further contributing to Bitcoin's subdued performance.

Bitcoin's current price action

Bitcoin was trading at $86,624.27 at press time, indicating a slight 0.43% decline over the past 24 hours, according to CoinMarketCap.

While technical indicators present mixed signals, the MACD remains above the signal line with green histograms, suggesting that bullish momentum is still present.

However, the RSI is hovering around 50 and shows signs of decreasing, which could indicate a potential slowdown in buying pressure, which could give bears an edge to regain momentum.

Source: Trading View

Thus, as market sentiment remains in a state of flux, traders are keenly following these indicators for clues into Bitcoin's next major price movement.