Mt. Gox has once again sent ripples through the crypto market. After an eight-month period of inactivity, the defunct exchange has suddenly transferred 10,608 Bitcoin, valued at nearly $1 billion. This significant movement has triggered a wave of speculation, fear, and extensive on-chain analysis. The timing is particularly noteworthy, as creditor repayments have already been postponed to late 2026, leaving billions in Bitcoin locked up and prolonging a decade-long saga.
What Triggered the Panic?
Mt. Gox unexpectedly moved 10,608 Bitcoin, approximately worth $953 million, into a new wallet. This marks the exchange's largest transfer in eight months and the first exceeding $1 million since March. The crypto market was not anticipating any activity at this time, especially given that the exchange has once again delayed creditor repayments, now scheduled for October 2026.
Why Is Mt. Gox Still Delaying Payments?
According to the trustee, incomplete creditor paperwork is the reason for the official extension of the repayment deadline by another year. While this may be frustrating, it means that approximately $4 billion worth of Bitcoin will remain inaccessible until late 2026. This delay effectively reduces the immediate concern of a massive sell-off that could negatively impact Bitcoin's price.
How Much Bitcoin Does Mt. Gox Still Hold?
Even after the recent transfer, Mt. Gox still controls 34,689 Bitcoin, valued at just over $3.1 billion. This substantial stash has remained untouched. Crucially, none of the newly transferred coins have been sent to exchanges. The receiving address, labeled 1ANkD, is currently holding the 10,608 Bitcoin, indicating that a sale is not imminent.
Is This a Sign They Are Preparing to Sell?
Some analysts believe this could be a preparatory move for selling. Jacob King from SwanDesk has cautioned that Mt. Gox might be positioning to sell these coins into a potentially weak market. Such speculation invariably causes unease among traders, particularly during market corrections. However, on-chain data currently shows no movement towards centralized exchanges, meaning a sale has not been confirmed.
Does Mt. Gox Still Affect Bitcoin’s Price?
The impact of Mt. Gox on Bitcoin's price is significantly less than it once was. Since the rehabilitation process began releasing small batches of Bitcoin in July 2024, Bitcoin's price has risen from around $56,000 to over $91,000. Institutional buyers, corporate treasuries, and US spot ETFs are now absorbing new supply at a pace that far outstrips potential releases from Mt. Gox.
Mt. Gox was once a dominant force in the cryptocurrency world, handling over 70 percent of all Bitcoin trades at its peak. Its collapse in 2014, following the loss of 850,000 Bitcoin, remains one of the most significant disasters in crypto history. Since then, creditors have endured a decade of persistent delays, legal complexities, and fluctuating repayment schedules.
The Bottom Line
While the recent Bitcoin transfer has captured headlines and caused initial panic, the coins have not yet reached exchanges, and repayments are still set for 2026. This delay, in fact, keeps billions of dollars worth of Bitcoin off the market. For the time being, this event should be considered market noise rather than an immediate threat. Investors should monitor the wallets closely, but there is currently no concrete evidence of an impending sell-off.