Defunct crypto exchange Mt. Gox moved almost a billion worth of Bitcoin

Of the 11,833 Bitcoin (BTC) moved, 11,501 ($905.1 million) were sent into a new wallet, while the remaining 332 Bitcoin ($26.1 million) were transferred to a warm wallet

Defunct crypto exchange Mt. Gox moved almost a billion worth of Bitcoin, the second large BTC transfer this week, as Bitcoin’s price fell to a four-month low on March 11.

Of the 11,833 Bitcoin (BTC) moved, 11,501 ($905.1 million) were sent into a new wallet, while the remaining 332 Bitcoin ($26.1 million) were transferred to a warm wallet, according to blockchain analytics firm Lookonchain, citing Arkham Intelligence data.

The transfer cost Mt. Gox just $2.13.

Transaction details of Mt. Gox’s $931 million transfer. Source:Arkhm Intelligence

It comes less than a week after Mt. Gox moved 12,000 Bitcoin worth a little over $1 billion on March 6.

Arkham noted that $15 million of those funds were sent to BitGo — one of the custodians facilitating Mt. Gox’s creditor repayments.

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Blockchain analytics firm Spot On Chain said the 332 Bitcoin that recently went into the warm wallet may also be moved to assist with the repayments.

The movement coincided with a 2.4% price fall for Bitcoin to $76,784 over 30 minutes, CoinGecko data shows, retreating to November prices when the market was rallying on the back of US President Donald Trump’s election win.

While Bitcoin recovered from the slump to $79,275 soon after, Maelstrom chief investment officer Arthur Hayes advised investors to “be fucking patient” in a March 11 X post in which he predicted Bitcoin would bottom around the $70,000 mark.

I know I've been bearish for a while, but I'm not interested in a price war. I think Bitcoin is likely to bottom around $70,000. We're already seeing signs of weakness in the market, and I think it's only a matter of time before we start to see more sellers come out of the woodwork.

To be frank, I'm getting bored of this bull market. It's been going on for too long, and I'm ready for something new. I'm not the only one who's starting to lose interest. Many people are starting to get restless and look for new opportunities.

And that's exactly what's going to drive the price of Bitcoin down. As more and more sellers come out of the woodwork, the price of Bitcoin is going to continue to fall. It may be a slow and steady decline, but it's a decline nonetheless.

So if you're planning on selling any time soon, I suggest you hurry up. The longer you wait, the lower the price is likely to go. And if you're planning on buying any time soon, I suggest you be fucking patient. There's no hurry to buy. Get the best price possible and don't settle for anything less.

Pointing out that Bitcoin had fallen below the 200-week moving average, Hayes added: “Maybe we can get some good leveraged숏 positions on the books.”

Mt. Gox’s main wallets now only hold 24,411 Bitcoin — worth $1.94 billion — after it started offloading around $9.2 billion worth of Bitcoin in June 2024, Spot On Chain data shows.

Mt. Gox’s change in Bitcoin holdings since 2015. Source: Spot On Chain

Last October, the defunct crypto exchange extended its deadline to fully repay its creditors, saying it would do so by Oct. 31, 2025.

Mt. Gox was the largest Bitcoin exchange between 2010 and 2014 — handling around 70-80% of Bitcoin trades before it collapsed from a hack that saw up to 850,000 Bitcoin stolen from the Tokyo-based platform.