Mt. Gox $931M Bitcoin transfer raises sell pressure concerns

Mount Gox, the late Crypto Exchange, transferred 11,833.6 Bitcoin, worth around 931 million dollars, to new addresses, arousing fears of potential sales.

According to the chain data From Arkham Intelligence, Bitcoin transfers, which took place on March 11, saw 11,501.58 bitcoin (BTC) (~ $ 905 million) moved to an unidentified portfolio, while 332 BTC (~ 26.1 million dollars) were transferred to a hot portfolio.

This follows a series of recent actions by MT. Gox, such as the transfer From more than a billion dollars of bitcoin to a wallet with the name “1Mo1n” on March 6. Today’s transactions have been carried out by this portfolio, which is now recognized as an official address of the MT GOX. The MT. GOX still holds around 35,915 Bitcoin, which is worth around 2.85 billion dollars.

Historically, concerns about possible sales have caused the market reactions To transactions involving Mont Gox, even if the influence of these transactions has been discouraged over the years.

Although today’s transfers have not had an immediate impact on the Bitcoin price, the merchants remain cautious. The market faces the threat of increased sales pressure due to the potential reimbursements of creditors.

The MT. GOX has followed an extended bankruptcy process after losing more than 800,000 bitcoin in its 2014 collapse. Many creditors are still waiting for BTC payments, even if some have already received cash reimbursements. Last year, the reimbursement deadline was extended Until October 31, 2025, delaying potential liquidation events.

During this time, the feeling of retail of Bitcoin has become easy, the traders reacting to its decrease of seven weeks. Social media discussions on the expectations of lower Bitcoin prices increased, according to a market on March 11 analysis By health, and it is often a sign of smaller capitulating investors.

However, Santiment notes that market recovery has been preceded such changes in feeling in the past. Bitcoin is currently down 4% in the last 24 hours, trading at around $ 79,000.

According to the co-founder of Bitmex, Arthur Hayes, March 11 job On X, Bitcoin can be at the bottom nearly $ 70,000, which would be consistent with previous retractions from the Haussier market. Hayes suggested that the action of the Central Bank combined with additional drops in the stock market index may influence the next significant Bitcoin decision.