Defunct cryptocurrency exchange Mt. Gox has reportedly transferred a massive amount of BTC to an unknown wallet address amid the crypto asset’s new price achievement.
According to a recent data from blockchain analysis platform Arkham Intelligence, Mt. Gox moved 27,871 BTC worth approximately $2.8 billion to an undisclosed address. The exchange still holds roughly over $4 billion.
Mt. Gox Moves $222M
The recent transfer follows a significant transfer of 2,500 bitcoins (valued at $222 million) by the crypto exchange on November 12 to an unidentified wallet. These transactions occur amid the prolonged repayment timeline for Mt. Gox creditors, now extended to October 31, 2025. The delay has been linked to continued claimant verification efforts.
Although some creditors have been compensated in fiat currency, many still await their repayments in Bitcoin or Bitcoin Cash.
In the past, Bitcoin market prices have shown sensitivity to transactions involving Mt. Gox wallets, though recent activities have had minimal immediate effect. However, analysts remain wary that a widespread distribution of payouts could lead to selling pressure if recipients choose to liquidate their Bitcoin.
BTC Hits New High
As of the time of writing, BTC is changing hands at over $103,000, reflecting a 6.17% rise over the past 24 hours. However, the crypto asset has encountered some challenges in the past week, with slight pullbacks.
The recent milestone of the digital asset has pushed its market capitalization to over $2 trillion, further cementing it as the world’s largest cryptocurrency.
The uptick comes from significant events shaping the U.S. crypto sector. Federal Reserve Chairman Jerome Powell recently referred to Bitcoin as a rival to gold, and President-elect Donald Trump has selected pro-crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC).
Investors and analysts see these developments as indicative of a regulatory shift under the new administration, potentially creating a more crypto-friendly landscape.
Institutional Demand Drives Bitcoin’s Rally
Institutional interest remains a key driver of Bitcoin’s growth. The January approval of U.S. spot Bitcoin ETFs marked a turning point, offering a regulated avenue for institutional investors to enter the market.
As such, a large percentage of institutional investors intend to invest in digital assets in 2024, highlighting the increasing appeal of the sector, with countries and states also joining the bandwagon of having BTC as their reserve asset.
Corporate adoption also strengthens Bitcoin’s position. U.S. companies increasingly embrace it as a treasury reserve asset—a movement led by MicroStrategy steadily gaining momentum across the business landscape. With its latest acquisition of approximately 15,400 BTC valued at $1.5 billion, the business intelligence firm has positioned itself as one of the largest corporate holders of Bitcoin.
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