Mt. Gox Dumps $930 Million in Bitcoin, BTC Price Drops to $76K

YEREVAN (CoinChapter.com) — On March 11, the bankrupt cryptocurrency exchange Mt. Gox moved more than 11,800 Bitcoin (BTC), worth over $930 million. This is the second largest Bitcoin transaction from the exchange within one week.

Blockchain analytics firm Lookonchain cited data from Arkham Intelligence, confirming that Mt. Gox sent 11,501 BTC (valued around $905.1 million) into a new wallet. Another 332 BTC (approximately $26.1 million) went into a separate warm wallet. The entire transaction cost Mt. Gox only $2.13 in network fees.

Bitcoin Price Drops After Mt. Gox Transaction

Immediately after the Bitcoin transfer, the price of BTC dropped sharply. Data from TradingView showed that Bitcoin fell by 2.4% within just 30 minutes, reaching $76,784. This marks the lowest Bitcoin price level in four months, last seen around November 2024.

Shortly after the decline, Bitcoin slightly recovered, stabilizing at about $79,275. During this volatility, Arthur Hayes, Chief Investment Officer at Maelstrom, advised patience via a post on X, predicting Bitcoin could eventually reach around $70,000.

Bitcoin Holdings Decline Sharply

The latest Bitcoin transfer follows a similar move by Mt. Gox on March 6, when the exchange transferred 12,000 BTC worth over $1 billion. Arkham Intelligence reported that about $15 million of that sum went directly to the custody firm BitGo, which manages creditor repayments for Mt. Gox.

Currently, Mt. Gox holds about 24,411 BTC, equal to approximately $1.94 billion, according to analytics from Spot On Chain. The exchange previously had more significant holdings, around $9.2 billion worth of Bitcoin, before starting large-scale repayments in June 2024.

Mt. Gox to Complete Repayments by October 2025

Mt. Gox, once the largest Bitcoin exchange between 2010 and 2014, collapsed after a significant security breach. Hackers stole about 850,000 BTC from the Tokyo-based platform, forcing it into bankruptcy.

Last year, Mt. Gox announced plans to repay creditors fully. The deadline for this repayment is set for Oct. 31, 2025. As part of these repayments, the exchange continues moving substantial amounts of Bitcoin from its reserves.

These recent transfers are part of an ongoing effort by Mt. Gox to settle claims of creditors who lost funds during the 2014 hack. The moves are closely watched by traders and analysts, as large transfers historically have impacted Bitcoin prices in the short term.

The upcoming repayment deadline is expected to influence Bitcoin market dynamics, given the volume of funds still held by Mt. Gox.