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In summary
- A Mt. Gox wallet transferred 27,871 Bitcoin, valued at $2.8 billion, with no significant impact on the market.
- Analysts highlighted that bullish sentiment remained strong despite historically volatile transfers.
- Mt. Gox deferred repayments until October 2025, affecting thousands of creditors even without full compensation.
A wallet associated with Mt. Gox transferred 27,871 Bitcoin valued at $2.8 billion amid Bitcoin’s advance above $100,000 late Wednesday. It was an unprecedented show of resilience for traders in the face of large-scale transfers, which have historically caused volatility.
The transfer, tracked by Blockchain analytics firm Arkham Intelligence, directed 27,871 BTC to an unmarked address.
Analysts note that although large-scale movements of wallets associated with Mt. Gox typically have a negative impact on the price of Bitcoin, today’s movement is different.
“Typically, Mt. Gox announcements have a negative impact on the market, often causing the price of Bitcoin to decline,” notes Min Jung, analyst and researcher at Presto Labs.
Bitcoin surpasses $100,000 without flinching
What happened “has been met with relative silence,” Jung told Decrypt, adding that the market showed “little reaction” to the transfer.
This subdued response suggests that bullish sentiment among Bitcoin investors remains strong, the analyst claims.
However, since trading hours in the United States were not yet open when this transfer was made and the news was announced, Jung says it is still necessary to watch how the US market reacts.
The timing and scale of the transfer also presents a striking contrast: while the exchange demonstrates the ability to move billions in digital assets efficiently, it simultaneously extends basic administrative processes for payments to creditors.
The transfer follows Mt. Gox’s decision in November to extend its repayment deadline by one year to October 2025, citing ongoing verification requirements for creditors.
“Mt. Gox-related headlines could still influence the market if bullish sentiment cools,” says Jung.
Resilience and maturity
Market observers note that while some creditors have received payments in fiat currency, many expect full compensation in Bitcoin or Bitcoin Cash. The extended timeline affects thousands of creditors who lost assets during one of the industry’s most significant setbacks.
This latest move indicates that Bitcoin price is “reflecting a consolidation pattern,” Vincent Liu, Chief Investment Officer at Kronos Research, told Decrypt.
Liu adds that this recent wallet activity, which did little to stop Bitcoin’s advance beyond $100,000, supports the idea that the market is testing and showing “resilience and maturity.”
The exchange holds approximately 39,878 Bitcoin, valued at $4.1 billion at current prices. The latest transfer follows a previous move of 2,500 Bitcoin valued at $222 million to another address in November.
These wallet moves continue as the exchange works to resolve outstanding compensation claims from former users who lost assets during its 2014 security breach.
At press time, Bitcoin is trading just above $102,400, following a 5.9% increase in the last 24 hours, according to data from CoinGecko.
Edited by Stacy Elliott.
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