- Mt. Gox moved over $172 million in BTC to new wallet addresses.
- Bitcoin’s price remained resilient despite wallet activity from the bankrupt exchange.
Bankrupt crypto exchange Mt. Gox recently moved approximately 1,620 Bitcoin to previously unknown addresses. The transfer was worth more than $172.5 million at the time and sent BTC into new wallets.
The moves occurred as BTC traded around $107,380, after briefly touching new all-time highs above $107,822. Unlike some past Mt. Gox transactions that pressured the market, this latest movement did not trigger a sharp drop in Bitcoin’s price. Dormant whales have also stirred, as blockchain intelligence firm Arkham highlighted in a post on X.
BTC WHALE WAKES UP: MOVES $530M AFTER 3 YEARS
A Whale that has been dormant for over 3 years has just moved $530M of Bitcoin into two new addresses, with one holding $420M and the other holding exactly 1000 BTC (~$107M)
The last time this BTC moved was 3 years ago, in April… pic.twitter.com/uhqKPZEkuD
— Arkham (@arkham) December 16, 2024
Mt. Gox Bitcoin Transfers
Two weeks earlier, Mt. Gox executed another significant Bitcoin transfer, moving 24,000 BTC to unknown wallets. According to Arkham, the exchange moved 1,619.6 BTC in two portions: one of 1,427.9 BTC and another of 191.7 BTC to two new addresses. The blockchain security and intelligence platform reported that one of the recipient addresses began with “1DeY.”
From there, the exchange routed 108 BTC and 191.7 BTC through several intermediate addresses before the coins landed in a wallet that now holds about 300 BTC. In November, Mt. Gox also transferred roughly $2.2 billion in Bitcoin to unknown wallets as part of plans related to creditor repayments.
On December 5, Mt. Gox carried out another large transfer, moving 24,000 BTC — at the time valued at about $2.5 billion when BTC was trading near $100,000, a then all-time high. Arkham notes the exchange still holds an estimated 36,085 BTC, with a notional value of approximately $3.86 billion.
The deadline for creditor repayments is set for October 31, 2025. Despite the downside risk associated with large Mt. Gox movements, Bitcoin has recovered from prior sell-offs and gone on to set new all-time highs above $100,000. Bullish market sentiment is driven by multiple catalysts, including strong institutional demand for spot Bitcoin ETFs, a U.S. political environment perceived as pro-crypto, and changes at the U.S. Securities and Exchange Commission.
New, pro-crypto appointees at regulators such as the SEC and the CFTC could help advance regulatory clarity. Additional support for BTC’s momentum has come from corporate treasury purchases — notably MicroStrategy’s ongoing accumulation — and buying activity from other firms such as Boyaa Interactive and Metaplanet, as well as mining companies led by Marathon, Riot, and others. These companies continue to adopt Bitcoin treasury strategies, contributing to institutional demand and larger market dynamics.