Gox Mount Moves 11,501 BTC, Intensifying Speculation on Its Asset Management Strategy
Due to the transfer from GOX Mountain and the weakness in U.S. stock market futures, Bitcoin has decreased by 3%.
Bankrupt Crypto Exchange Mt. Gox Conducts Another Large-Scale Bitcoin Transfer
Bankrupt crypto exchange Mt. Gox has executed another large-scale Bitcoin [BTC] transfer, marking its third significant transaction in less than a month.
On March 25, blockchain analytics firm Arkham Intelligence identified the movement of 11,501 BTC, with 893 BTC (approximately $78 million) returned to the Gox Cold Cold Wallet.
The remaining 10,608 BTC (approximately $929 million in value) was sent to the exchange’s change wallet.
This follows earlier transfers of 12,000 BTC on March 6 and 11,833 BTC on March 11, intensifying speculation regarding the ongoing asset management strategy as creditors await repayments.
Is a Broader Strategy at Play?
Additionally, the on-chain analytics platform Chainalysis revealed in a post on X (formerly Twitter) that this month’s previous Bitcoin transfers from Mt. Gox were ultimately directed to the crypto exchange Bitstamp.
This has led to speculation that the latest move of 893 BTC to a warm wallet may soon follow a similar path.
Analysts believe these transactions could be part of a broader liquidation strategy as the exchange prepares for creditor repayments.
Meanwhile, Arkham Intelligence data shows that Mt. Gox still holds approximately 35,000 BTC (around $3.1 billion), spread across its controlled wallets, keeping the market closely monitoring further movements.
Impact on Bitcoin
On March 24, Bitcoin reached an intraday high of $88,772 on the Bitstamp Exchange, but by March 25, it had dropped by about 3%, indicating a price decline.
It is believed that the significant drop in Bitcoin’s value is related to the large-scale GOX transfer, which may have increased downward pressure on the market.
Furthermore, the broader financial landscape appears to be influencing cryptocurrency movements, as U.S. stock market futures show signs of weakness ahead of important economic data, further contributing to Bitcoin’s subdued performance.
Current Price Movements of Bitcoin
As of the time of publication, Bitcoin is trading at $86,624.27, reflecting a 0.43% decline over the past 24 hours, according to CoinMarketCap.
Despite mixed signals from technical indicators, the MACD and green histogram remain above the signal line, suggesting that bullish momentum is still in play.
However, the RSI hovers around 50 and trending downward indicates that buying pressure may weaken, potentially allowing bears to regain control.
Therefore, as market sentiment remains uncertain, traders are closely monitoring these indicators to gauge Bitcoin’s next significant move.
