Mt. Gox, the defunct crypto exchange, moved BTC valued at around $2.43 billion to a new wallet after the Bitcoin price broke through the psychological $100,000 level.
Specifically, this transaction includes 24,052 BTC shifted into a new wallet and 3,819 BTC to an internal cold wallet.
Mt. Gox Moves 24,052 Bitcoin
According to the latest update, Mt. Gox moved 24,052 BTC worth $2.43 billion to a new wallet on Wednesday night. The transaction happened after Bitcoin crossed $100,000 for the first time in history.
The unmarked wallet address “1N7jW…1u8Yp” received around 24,052 BTC from Mt. Gox from the exchange’s other cold wallet storage. This is the exchange’s first large transfer since November 12.
It remains unclear whether this transfer is part of the defunct exchange’s future distributions to creditors. Spotonchain speculates that the new wallet is likely an internal address. The on-chain analytics tool notes that Mt. Gox currently still holds 15,826 BTC, worth approximately $1.63 billion across 31 known wallet addresses.
“Mt. Gox transferred 24,052 BTC ($2.43B billion) to a new wallet, “1N7jW,” an hour ago; right after the BTC price broke through the $100K milestone. However, the new wallet is likely just an internal address,” Spotonchain said.
Nevertheless, transactions of such magnitude tend to shock the markets. Specifically, such movements often precede repayments via centralized exchanges.
Recently, after repaying some creditors, Mt. Gox postponed its repayment deadline by a year to October 31, 2025. Meanwhile, the remaining Mt. Gox creditors await their BTC repayments.
“Wow, $2.4 billion is no small move, curious to see where it lands. Hope it’s not another wild ride for everyone involved,” said VinTheApe, a trader and analyst.
Bitcoin’s foray past the $100,000 milestone draws tailwinds from several factors. Among them are Federal Reserve chair Jerome Powell’s assertions at the New York Times DealBook Summit in Manhattan, comparing BTC to gold.
Secondly, the appointment of Paul Atkins as the new SEC (Securities and Exchanges Commission) chair as Gary Gensler faces imminent exit. Finally, Russian President Vladimir Putin acknowledged BTC as the country faces advances in its crypto reforms.
Taken together, these developments indicate that financial institutions and government bodies are realizing the potential of digital assets and their importance in transforming the national economy. Based on BeInCrypto data, BTC is trading for $103,403 as of this writing, representing a 7.6% surge since the Thursday session opened.
Kyle Chasse, a Bitcoin veteran, sees Bitcoin’s foray past $100,000 could inspire FOMO (fear of missing out) buying among retail. Such an outcome could send BTC higher.
“Retail is going to see $100,000 and FOMO so hard,” he said.
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