Bitcoin price falls after Mt. Gox transfers $930M in BTC
Bitcoin drops 2.4% after Mt. Gox transfer
The bankrupt cryptocurrency exchange Mt. Gox has executed another large-scale Bitcoin transaction, transferring over $930 million worth of BTC on March 11.
This move is part of the company’s ongoing efforts to repay creditors by the established deadline of October 31, 2025, according to Crypto News.
Blockchain data from Arkham Intelligence and Lookonchain shows that Mt. Gox moved a total of 11,833 BTC (approximately $931 million) in two separate transactions. Of this amount, 11,501 BTC (around $905 million) was transferred to a new wallet, while the remaining 332 BTC (about $26 million) was sent to a warm wallet—presumably to ensure liquidity for upcoming creditor repayments.BTC Transactions. Source: Arkham
The cost of executing such a large transaction was extremely low—just $2.13 in network fees—highlighting the efficiency of Bitcoin’s payment infrastructure even at high volumes.
Market reaction and impact of previous transfers
This transfer occurred just five days after a previous Mt. Gox transaction involving 12,000 BTC worth over $1 billion. At the time, a portion of the funds—$15 million—was sent to BitGo, one of the custodians responsible for managing repayments to creditors.
Analysts at Spot On Chain suggest that the 332 BTC moved to the warm wallet may also be used for further payouts to affected users.
The market reacted quickly to the transaction: within 30 minutes after the transfer, the price of Bitcoin dropped to $76,784, marking its lowest level since November 2024. The price later rebounded to $79,495. This volatility underscores the market’s sensitivity to large BTC transfers, especially from Mt. Gox, whose remaining holdings have long been seen as a potential source of market fluctuations.
BTC Price Dynamics. Source: CoinGecko.
Mt. Gox reserves and historical context
As of now, Mt. Gox’s main wallets hold approximately 24,411 BTC (around $1.94 billion), significantly down from the exchange’s peak reserves of $9.2 billion last year.
Mt. Gox was once the world’s largest crypto exchange, processing up to 80% of all Bitcoin transactions between 2010 and 2014. The platform collapsed following a massive hack that resulted in the theft of approximately 850,000 BTC—marking one of the most notorious bankruptcies in crypto history. In December 2024, Mt. Gox repaid $364 million in Bitcoin to creditors.
