Nearly 6,620 Bitcoin, valued at approximately $352.7 million, were transferred from a Mt. Gox wallet to an unknown address, according to Arkham Intelligence. This movement follows reports of another large transfer of $2.8 billion in Bitcoin from the defunct exchange, but the market reaction has been muted. Bitcoin’s price has remained relatively stable, fluctuating between $97,000 and $98,000, with a slight 4.8% drop over the past 24 hours, per CoinGecko.
Historically, announcements or transactions linked to Mt. Gox have negatively affected Bitcoin’s price due to fears of sell pressure. However, market sentiment appears to be shifting. Analysts attribute this to the recent decision by the Mt. Gox redistribution team to delay creditor repayments until 2025. This postponement minimizes the immediate risk of large-scale Bitcoin or Bitcoin Cash sell-offs.
Additionally, the cryptocurrency market’s growing maturity has likely softened the impact of such transactions. Increasing liquidity, larger trading volumes, and a rising market capitalization have made it more resilient. Alex Obchakevich of Obchakevich Research emphasized that these factors contribute to the market’s ability to absorb high-value transfers without significant price disruption.
While past Mt. Gox activity often caused sharp declines, the latest transaction underscores the evolving dynamics of the crypto market, signaling greater stability amid bullish sentiment and growing institutional participation.
