Investors had anticipated a recovery in November following a significant market crash on October 11. However, Bitcoin (BTC)'s decline deepened, falling below the $90,000 level for the first time in seven months.
While the persistent declines in Bitcoin continue to unsettle the market, activity has been observed in Mt. Gox wallets.
Mt. Gox, which was once the most utilized Bitcoin exchange, has made its first transfer in eight months.
Data from Arkham indicates that the Mt. Gox board of trustees transferred 10,608 Bitcoins, valued at $937 million, to a new address beginning with 1ANkDML. This new address now holds a total of 10,422.6 BTC.
These addresses are generally understood to be cold wallets associated with Mt. Gox. It remains uncertain whether this transaction signifies an actual sale of assets or a reorganization of internal wallets.
Mt. Gox Continues to Influence Market Sentiment
Mt. Gox was formerly the world's largest Bitcoin exchange, responsible for over 70% of the global BTC trading volume. The exchange declared bankruptcy in 2014, having lost approximately 850,000 BTC.
The Mt. Gox bankruptcy remains one of the most notorious events in cryptocurrency history. The company's trustees commenced making payments for the first time in June of the previous year, a decade after the bankruptcy filing.
Repayments officially began in mid-2024, but the distribution process continues to be gradual and carefully managed. The deadline for the distribution of remaining assets has been extended to October 31, 2026.
Although the transferred BTC has not yet been touched, Mt. Gox continues to exert influence over the market after 11 years. Even a single transaction from its wallets can alter market perception.