- Mt. Gox moves 11,501 BTC, fueling speculation about its asset management strategy.
- Bitcoin drops 3% amid Mt. Gox transfers and weak U.S. stock market Futures.
Bankrupt crypto exchange Mt. Gox has made yet another massive Bitcoin [BTC] transfer, marking its third significant transaction in less than a month.
On the 25th of March, blockchain analytics firm Arkham Intelligence flagged the movement of 11,501 BTC, with 893 BTC—valued at approximately $78 million—redirected to the Mt. Gox cold wallet.
The remaining 10,608 BTC—worth around $929 million—was sent to the exchange’s change wallet.
This follows two earlier transfers of 12,000 BTC on the 6th of March and 11,833 BTC on the 11th of March, fueling speculation about the exchange’s ongoing asset management strategy as creditors await repayments.
Broader strategy at play?
Additionally, blockchain analytics platform Spot On Chain revealed in an X (formerly Twitter) post that one of Mt. Gox’s previous Bitcoin transfers this month was ultimately directed to the crypto exchange Bitstamp.
This has raised speculation that the latest movement of 893 BTC to a warm wallet may soon follow a similar path.
Analysts suggest that these transactions could be part of a broader liquidation strategy as the exchange works toward creditor repayments.
Meanwhile, Arkham Intelligence data indicates that Mt. Gox still holds approximately 35,000 BTC—valued at around $3.1 billion—spread across wallets under its control, leaving the market closely watching for further movements.
Impact on Bitcoin
On the 24th of March, Bitcoin hit an intraday high of $88,772 on the Bitstamp exchange, but by the 25th of March, it had dipped by approximately 3%, signaling a pullback in price.
The significant drop in Bitcoin’s value is believed to be partly linked to the massive Mt. Gox transfer, which may have added downward pressure on the market.
Additionally, the broader financial landscape seems to be influencing cryptocurrency movements, as U.S. stock market Futures also showed signs of weakness ahead of crucial economic data, further contributing to Bitcoin’s subdued performance.
Bitcoin’s current price action
Bitcoin was trading at $86,624.27 at press time, reflecting a slight 0.43% decline in the past 24 hours, according to CoinMarketCap.
While technical indicators present mixed signals, the MACD remains above the signal line with green histograms, indicating that bullish momentum is still in play.
However, the RSI hovering around 50 and trending downward suggests that buying pressure could weaken, potentially giving bears an opportunity to regain control.
Source: Trading View
Thus, as market sentiment remains uncertain, traders are closely watching these indicators for signs of Bitcoin’s next major move.
