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Mt. Gox Moves $2.8B Bitcoin as BTC Price Hits Six-Figure Peak
12/05/2024 17:07
Mt. Gox moves $2.8 billion Bitcoin as price surpasses $100K, fueling speculation on market impact amid ongoing creditor repayment delays.
Key Notes
- A Mt Gox-linked wallet transferred 27,871 BTC worth $2.8 billion amid Bitcoin's surge past $100,000.
- Mt Gox's Bitcoin holdings now total 39,878 BTC ($4 billion), payouts extended to October 31, 2025.
- BlackRock’s IBIT ETF saw $572 million inflow, boosting holdings to $33.341 billion amid institutional Bitcoin growth.
Early Thursday, a significant Bitcoin BTC $97 586 24h volatility: 4.9% Market cap: $1.93 T Vol. 24h: $163.58 B transfer linked to the now-defunct Mt. Gox exchange caught the crypto world’s attention. As Bitcoin prices surged past the $100,000 milestone, an address tied to Mt. Gox moved a staggering 27,871 BTC – valued at $2.8 billion – to an undisclosed wallet. This move left analysts and traders speculating about its implications.
The transaction was flagged by Arkham Intelligence, which labeled the originating wallet as Mt. Gox’s. Post-transfer, the exchange still holds 39,878 BTC, worth more than $4 billion. The activity marks another chapter in the ongoing saga of Mt. Gox’s efforts to reconcile its debts and compensate former users.
This isn’t the first time the exchange has moved Bitcoin recently. On November 12, it transferred 2,500 BTC, valued at $222 million, to an unknown address. These actions come as Mt. Gox continues to navigate a lengthy claims process for reimbursing creditors.
Mt. Gox Extends Payout Deadline to 2025
Mt. Gox recently extended its payout timeline, shifting the deadline from October 31, 2024, to October 31, 2025. The delay was attributed to additional verification and processing needs. While some creditors have already received fiat payments, many still await full compensation in Bitcoin or Bitcoin Cash, leaving uncertainty lingering over the timeline.
Interestingly, these large-scale Bitcoin transfers have not significantly impacted market prices. Historically, movements of this magnitude by Mt. Gox or similar entities have rattled the market. This time, however, Bitcoin’s price surge appears unfazed, buoyed by other positive developments in the crypto ecosystem.
Concerns remain, though. The influx could disrupt market stability if creditors receive their payouts and decide to sell their Bitcoin. Analysts have their eyes on how these repayments will unfold and their subsequent effects.
Institutional Investments Fuel Bitcoin Growth
Institutional interest is playing a pivotal role in Bitcoin’s recent success. Bitcoin ETFs have opened the doors to mainstream adoption, with over 87% of institutional investors planning to allocate resources to digital assets in 2024. This surge in interest is not limited to financial institutions. US corporations are also increasingly adopting Bitcoin as a treasury reserve asset.
Recent data highlights varied performances among Bitcoin spot ETFs. On December 4, the sector experienced a net inflow of $557 million. BlackRock’s IBIT ETF led the charge with a massive $572 million inflow, bringing its total holdings to an impressive $33.341 billion.
In contrast, Grayscale’s GBTC faced a net outflow of $94.31 million, raising its cumulative outflow to a staggering $20.643 billion. Despite this, Grayscale’s Bitcoin Mini Trust ETF BTC reported a positive net inflow of $55.71 million, boosting its historical total to $785 million.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
