Mt. Gox has transferred huge amounts of Bitcoin to a new wallet. Lookonchain spotted the incident Today December 5 and shared the report on the X platform.
According to the on-chain analytics platform, Mt. Gox transferred 24,052 Bitcoin tokens (valued at $2.43 billion) to a new address. The movement of the funds happened during a time when Bitcoin surged to $100,000.
The timing of withdrawal is significant when BTC’s value ascends to a new higher level. It’s a matter of question whether the huge transfer could be a bullish signal for the asset.
Biggest Mt. Gox Bitcoin transfer in months
The new transfer activity by Mt. Gox highlighted its ongoing asset reorganization as a component of its repayment responsibilities. According to market analysis, this is the largest transfer made by Mt. Gox in recent months. Early last month, the defunct crypto exchange transferred a total of 32,871 Bitcoin tokens (valued at $2.22 billion) to an identified wallet.
Mt. Gox, once the biggest Bitcoin exchange, has been entangled in a prolonged legal process to compensate its investors. The exchange collapsed ten years ago following a hacking incident that led to a massive loss of about 740,000 BTC.
The exchange started repaying its investors’ funds owed to them in July 2024. However, recently a Tokyo court approved an extension for full repayment, moving the final deadline to October 31, 2025.
The extension offers more time for Mt Gox Rehabilitation Trustees to issue repayments to the exchange’s investors, most of whom have suffered lengthy delays since the exchange’s sudden closure in 2014.
Impact on Bitcoin price
The latest Mt. Gox Bitcoin transfer occurred after the BTC price hit $100,000 for the first time in history. The move made market participants wonder whether the exchange engaged in strategic timing during its movement.
Huge transfers like these typically cause fear and volatility among traders who begin to think about whether the exchange plans to sell or hold such tokens.
Bitcoin price reached a nod higher, currently the crypto trading at $103,332 after the transfer was spotted. BTC price is currently up 7.4% after hitting its new all-time high of $100,000 a few hours ago. Such huge movements of funds can significantly influence market sentiment.
Crypt users remain cautious about potential selling pressure from Mt. Got investors who expect to receive Bitcoin payments at higher prices than at the time when the exchange encountered the hacking incident.
Optimism in the market
Today Bitcoin surpassed $100,000 for the first time, ascending a new record high amid an elated rally caused by Donald Trump’s reelection to the presidency.
The flagship cryptocurrency has been uplifted in recent weeks by the enthusiasm that President Donald Trump would create a new era of friendly regulations. Other crypto assets have also enjoyed significant gains. The uptrend momentum has been driven by institutions adopting crypto tokens, growth of payments and tokenization, and advancement of clearer regulations.
Trump, who once described Bitcoin as a “scam”, later embraced crypto during his time seeking reelection. His campaign blamed the Democrats for engaging in an “anti-american crypto clampdown” under Biden’s administration. He promised to defend American peoples’ rights to Bitcoin mining, transaction, and holding crypto tokens without the influence of government control and surveillance. Crypto market participants anticipate Trump to hire a friendly person to lead the SEC.
