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Journalist
Tanzeel Akhtar
Journalist
Tanzeel Akhtar
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The now-defunct crypto exchange Mt. Gox moved $172.54 million Bitcoin to an unknown wallet as the market continues to gain momentum.
Data from Arkham Intelligence shows the account transferred 1,619.6 Bitcoin earlier today. The transfer coincided with Bitcoin’s unprecedented surge past the $106,000 mark, a historic milestone for the cryptocurrency.
The Mt. Gox still holds roughly 37,705 Bitcoin, valued at around $4 billion, according to data from Arkham Intelligence.
The Bitcoin market usually reacts to Mt. Gox-related wallet activities, but this latest move appears to have had little immediate impact. Bitcoin is trading at $106,800 at the time of publication on Tuesday.
Bitcoin first surged above $100,000 earlier on December 4, pushing its market capitalization to an impressive $2 trillion.
Mt. Gox Continues to Transfer Bitcoin Between Wallets
The transfers occur against the backdrop of Mt. Gox’s extended repayment deadline, now pushed to October 31, 2025.
The repayments are being made after a decade since the exchange collapsed. The collapse of Mt. Gox triggered years of legal proceedings and efforts to recover the lost assets.
In 2018, approximately 200,000 Bitcoins were recovered, initiating a lengthy rehabilitation process under the oversight of a court-appointed trustee. Creditors have since been awaiting compensation, with multiple delays frustrating the process.
Bitcoin Price Action
Bitcoin is closing out a bumper year full of historic milestones and with its price crossing the $100,000 mark and becoming the seventh-largest asset with a market capitalization larger than silver and Saudi Aramco.
According to Bitfinex analysts looking ahead, the current run-up to over $100,000 has captured a significant portion of Bitcoinʼs price appreciation for this cycle. Bitfinex analysts say the minimum price target for Bitcoin remains at $140,000 – $200,000 around mid-2025
