Concerns Arise Following Mt. Gox’s $931 Million Bitcoin Transfer, Leading to Fear of Rising Selling Pressure

The now-defunct crypto exchange Mt. Gox has moved 11,833.6 Bitcoin, valued at roughly $931 million, to new addresses, raising concerns about possible sell-offs.

On-chain data from Arkham Intelligence indicates that the Bitcoin transfers occurred on Mar. 11, with 11,501.58 Bitcoin (~$905 million) sent to an unknown wallet, while 332 BTC (~$26.1 million) was directed to a warm wallet.

This development follows Mt. Gox’s previous actions, including a transfer of over $1 billion in Bitcoin to a wallet labeled “1Mo1n” on Mar. 6. Today’s transactions originated from that wallet, which is now confirmed as an official Mt. Gox address. Currently, Mt. Gox still retains about 35,915 Bitcoin, equating to approximately $2.85 billion.

Historically, transactions involving Mt. Gox have prompted market reactions due to concerns over potential sell-offs, although the impact of these transactions has diminished over time.

While the latest transfers have not resulted in immediate effects on Bitcoin’s price, traders are remaining vigilant. The market could face heightened selling pressure linked to impending creditor repayments.

Mt. Gox has been embroiled in a lengthy bankruptcy process since it lost over 800,000 Bitcoin in its 2014 implosion. Many creditors are still pending BTC payouts, although some have already received cash repayments. The repayment deadline was extended to Oct. 31, 2025, further postponing possible liquidation events.

At the same time, Bitcoin’s retail sentiment has turned negative, with traders reacting to a seven-week price decline. According to a Mar. 11 market analysis by Santiment, discussions on social media about falling Bitcoin prices have surged, often indicative of smaller investors giving up.

Nonetheless, Santiment observes that previous shifts in sentiment have preceded market recoveries. Bitcoin has decreased by 4% in the last 24 hours, trading at around $79,000.

In a Mar. 11 post on X, BitMEX co-founder Arthur Hayes suggested that Bitcoin might hit a bottom near $70,000, aligning with past bull market retracements. Hayes noted that actions by central banks and further declines in stock indices may influence Bitcoin’s next major movement.