With the recent Bitcoin rally comes significant market whale movements. Precisely, the defunct crypto exchange Mt. Gox made a substantial transfer that has raised speculations across the market. According to on-chain data from Arkham Intelligence, the former largest cryptocurrency exchange moved exactly 27,781 BTC, worth approximately $2.42 billion at the current market price of $87k.
The coin, transferred to a newly created address, follows a larger transfer of 30,371 BTC made about a week ago. At the time, the exchange initiated another 2k BTC, worth $174 million, to another cold storage. In the wake of the latest transaction, market participants have raised conjectures about the intent behind the action.
While the specific reason is not yet known, it has been speculated to be part of a planned sell-off, capitalizing on the current market rally that has shot the price of BTC to a new all-time high of $87k. However, others have opined that it is part of its creditor repayment plan which kicked off in July this year.
Mt. Gox has successfully repaid over $6 billion in Bitcoin to its creditors after ten years of being out of service. As the repayment exercise continues, Mt. Gox has extended its deadline to October 2025 citing technical issues on the part of creditors to complete their mandatory repayment requirement process.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.