While Bitcoin is falling, a $1 billion transfer was made from Mt. Gox.

Recently, a troubling development occurred for Bitcoin (BTC) investors in the sluggish crypto market. Approximately 10,608 Bitcoin were transferred from the Mt. Gox wallet to a new address, further negatively impacting market sentiment. During this time, the price of Bitcoin had fallen below the 90,000 dollars level.

According to Arkham Intelligence data, the value of the transfer from the exchange's cold wallet neared 950 million dollars. Most of the Bitcoins, 10,422 BTC, were sent to an unmarked address starting with “1ANkD...,” while about 185.5 BTC were also transferred to Mt. Gox’s own hot wallet. Such a large transfer typically occurs just before creditor payment processes, reinforcing investors' concerns that a new payment distribution process is approaching.

Mt. Gox, based in Tokyo, once handled approximately 70% of global Bitcoin transactions. However, following a major hack in 2014 that resulted in the loss of 850,000 Bitcoins, it entered bankruptcy proceedings. Although the exchange began repayment to creditors in 2024, the process is expected to be delayed until October 2026. According to Arkham data, Mt. Gox currently still holds 34,689 BTC, with the value of these assets around 3.1 billion dollars.

The significant transfer that took place yesterday, coming right after a day when Bitcoin prices sharply declined, heightened concerns among investors. Such large movements lead to strong expectations of creditors selling, weakening market sentiment. In these days of increasing fear, transfers from Mt. Gox wallets are perceived as a signal that further reduces investors' risk appetite.