Bitcoin (BTC) experienced a decline of over 5%, settling at approximately $68,779, down from $72,500 within the last 24 hours.
This drop coincides with the recent transfer of 500 BTC, valued at around $35 million, from the now-defunct Mt. Gox exchange to undisclosed addresses. Following a peak of $72,662, Bitcoin’s descent into the $69,000 range has sparked considerable discussion within the cryptocurrency community about the implications of these transactions.
A report from Arkham Intelligence, released on November 1, revealed that approximately 500 BTC was moved from wallets associated with Mt. Gox to various unknown addresses, with 1.78 BTC sent to one address and 468.24 BTC to another.
(Source: Arkham)
This marks the first significant transaction from wallets linked to Mt. Gox in nearly a month. Notably, a wallet identified as belonging to Mt. Gox still retains a staggering 44,905 BTC, which is currently valued at around $3.12 billion according to Arkham’s data.
A Look Back in Time
This recent transfer follows a similar incident in August when Mt. Gox transferred approximately 13,265 BTC—worth about $784 million at that time—to an undisclosed wallet. These recurrent transfers have fueled speculation that Mt. Gox is gearing up for the long-anticipated repayment of Bitcoin to its creditors. Initially set for 2024, the deadline for these repayments has now been extended to October 31, 2025.
In May, Mt. Gox categorically dismissed rumors regarding a $10 billion selloff of BTC and Bitcoin Cash (BCH) from its wallets. Nonetheless, the current market response indicates that any movement from these wallets continues to influence Bitcoin’s price. At present, BTC is trading around $69,567, with the day’s trading volume rising over 14% to reach $44.59 billion.
Once one of the first Bitcoin exchanges, Mt. Gox handled approximately 70% of all global BTC transactions before its collapse in 2014 due to severe security breaches. Since then, creditors have been eagerly awaiting the return of their Bitcoin.