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Mt. Gox, the defunct Cryptocurrency exchange, transferred approximately $2.43 billion worth of Bitcoin to a new wallet after Bitcoin price surpassed the psychological $100,000 threshold.
Specifically, this transaction included 24,052 BTC transferred to a new wallet and 3,819 BTC to an internal cold wallet.
Mt. Gox Moves 24,052 Bitcoins
According to the latest update, Mt. Gox already transfer 24,052 BTC worth $2.43 billion into a new wallet on Wednesday night. The transaction took place after Bitcoin surpassed the $100,000 mark for the first time in history.
The unmarked wallet address “1N7jW…1u8Yp” received approximately 24,052 BTC from Mt. Gox, from the exchange’s other cold storage. This is the exchange’s first major transfer since November 12.
It is unclear whether this transfer will be part of the exchange’s future distribution to creditors. Spotonchain speculates that the new wallet is most likely an internal address. This on-chain analytics tool notes that Mt. Gox currently holds 15,826 BTC, worth about $1.63 billion across 31 known wallet addresses.
“Mt. Gox transferred 24,052 BTC ($2.43 billion) to a new wallet, “1N7jW”, an hour ago; right after the BTC price surpassed the 100 thousand USD milestone. However, the new wallet is likely just an internal address,” Spotonchain said.
However, such large-scale transactions often shock the market. Specifically, such moves often take place before payments are made through centralized exchanges.
Recently, after paying back some creditors, Mt. Gox has postponed the payment date to October 31, 2025. Meanwhile, the remaining creditors of Mt. Gox still waiting for their BTC refund.
“Wow, 2.4 billion USD is not a small move, curious to see where it will go. Hopefully not another roller coaster ride for all involved,” said VinTheApe, a trader and analyst.
Bitcoin surpassing the 100 thousand USD mark has support from many factors. This includes a statement by Federal Reserve chairman Jerome Powell at the New York Times DealBook Summit in Manhattan, comparing BTC to gold.
Second, the appointment of Paul Atkins as the new chairman of the SEC (Securities and Exchange Commission) as Gary Gensler prepares to depart. Finally, Russian President Vladimir Putin has recognized BTC as the country progresses in its crypto reform process.
These developments show that financial institutions and government agencies are realizing the potential of digital assets and their importance in transforming national economies. Based on data from TinTucBitcoin, BTC is currently trading for $103,403 as of press time, up 7.6% since Thursday’s trading open.
Kyle Chasse, a veteran in the Bitcoin space, thinks that Bitcoin’s progress past $100K could stimulate fear of missing out (FOMO) buying from retailers. Such an outcome could push BTC higher.
“Retailers will see $100K and extreme FOMO,” he said.
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