Mt. Gox Transfers $2B in Bitcoin to New Address, But the Owner Remains a Mystery

On Tuesday, Mt. Gox appears to have freshly transferred over $2 billion to a new address. Data from Arkham Intelligence indicates that Mt.

On Tuesday, Mt. Gox moved 33,105 BTC, valued at approximately $2.19 billion at the time of the transaction, to an address beginning with “bc1q26,” according to data from Arkham Intelligence.

The latest transaction comes after billions of dollars worth of bitcoin were transferred from Mt. Gox to crypto exchanges like Bitbank, Kraken, Bitstamp, and SBI VC Trade over the past few weeks. According to Arkham data, wallets linked to Mt. Gox still hold about $5.29 billion.

Last week, Bitstamp announced that it would begin distributing assets to Mt. Gox creditors. Meanwhile, Kraken reported that it had “successfully distributed” BTC and Bitcoin Cash (BCH) to customers affected by the hack that led to the closure of the former Japanese exchange a decade ago.

More recently, the Mt. Gox trustee announced in a statement that repayments in BTC and BCH were made to certain creditors through designated crypto exchanges on July 5, 16, and 24. The trustee also stated that over 17,000 creditors had received repayments as of July 24.

Mt. Gox was once the world’s largest cryptocurrency exchange, handling more than 70% of all bitcoin transactions worldwide. It filed for bankruptcy in February 2014 after hackers stole 850,000 BTC. A rehabilitation plan was later approved in 2021, promising to return about 90% of the assets owed to affected customers.

Long-Term Holders May Mitigate Sell-Off Pressure

While the long-awaited Mt. Gox distribution is a major win for creditors who fought to be reimbursed in bitcoin instead of fiat currency, given the substantial price appreciation over the past decade, some sell-side pressure from recipients is expected, according to Glassnode.

However, the blockchain intelligence firm noted that the creditor profile suggests a bias towards long-term investors, which may help reduce sell-off pressure in the coming weeks.

Moreover, the balance sheet of long-term holders continues to expand, and their share of network wealth remains elevated compared to previous market peaks. This suggests that the dominant market behavior has shifted towards HODLing, with experienced investors holding their coins in anticipation of higher prices.

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