Key Takeaways
- Mt. Gox’s wallet transfers another 1 billion worth of Bitcoin, sparking the possibility of a potential market crash.
- On-chan data meanwhile reveals that it has no impact on charts, and the market is driven by other important factors.
- 35,583 BTC remains in Gox’s wallet, and the allocation will be released at regular intervals.
The web3 wallet address associated with the Mt. Gox exchange hack once again transferred a total of 11,501.4 Bitcoin (approximately 1 billion dollars) on March 25th, 2025. Blockchain analytics network Arkham Intelligence revealed that the bankrupt exchange still holds 35,583 BTC, valuing 3 billion dollars today.
According to Spot on Chain analytics, one of the previous transfers this month ended up in the crypto exchange Bitstamp. Experts assume that the funds will be used to pay the creditors affected by the hack, who usually receive them via Kraken and Bitstamp.
Within the final payback date, extended to October 31st, we can expect more funds in transfer. While various blockchain analysts predict that BTC transfers in such numbers could ignite market volatility, charts witnessed no significant impact so far. At present, Bitcoin is trading for $86,720, a 4% increase from the previous week.
A Chain Of Fund Movements From Mt Gox Amidst The Nearing Deadline
The previous large transfer occurred on March 11th, with the same amount transferred to different crypto exchanges. Another transfer was done around December 2024, moving 3,631 BTC. All these transactions are part of the repayment process, and more transactions can be expected in the coming months. While there is panic among certain investors that the completion of repayment will trigger a bear phase, the on-chain data infer that no big changes will occur.
Will Gox Payout Result In A Bitcoin Crash?
The assumption that Mt. Gox’s payout will result in a Bitcoin crash is unlikely to occur due to the value of BTC as a global asset with such a vast ledger. Even the total remaining asset in the Gox wallet is below 2% of the total supply. However, speculations and mass media manipulation, added to the Gox FUD, can cause short-term fluctuations in the charts through panic selling.
As noted in the previous transactions, the rehabilitation creditors who received the funds tend not to sell all the Bitcoin immediately, making no significant effects on the charts. With the exceptions of certain types of accounts, the repayment has been completed largely, and the process has not yet been encountered with any issues. The on-chain data and other evidence largely oppose the idea of a Gox-influenced Bitcoin market crash.
Bitcoin’s Current Market Scenario
Bitcoin is currently moving upward from the $75K dip that happened two weeks ago, reaching 86K today. While several price predictions consider this as a move to achieve 100K again, others forecast BTC to continue the current 80K phase. Let us break into more details.
- Fear & Greed Index – 24 (Extreme Fear)
- Dominance – 60.20%
- Sentiment – Bullish
- Volatility – 5.89% (High)
About Mt. Gox Hack
Mt. Gox, one of the earliest Bitcoin exchanges, held over 70% of all Bitcoin trades at the beginning of 2014. However, a hack that looted 800,000 BTC caused the platform to abruptly collapse, forcing it to cease all activities. In a turn of events, Japanese enforcement alleged that Mark Karpelès, an entrepreneur who acquired the exchange from the programmer Jed McCaleb, had hands in the theft. He was charged with embezzlement in 2015, and the final payback deadline is now extended to October 31, 2025. Karpelès has been maintaining his innocence, blaming an external computer hack by unknown perpetrators.