Mt. Gox Moves Over $172M In BTC Shortly After New ATH

Defunct crypto exchange Mt. Gox transferred approximately $172.5 million worth of Bitcoin to unknown wallets less than 24 hours after the leading crypto recorded a new all-time high above $107K.

On-chain data from Arkham Intelligence shows that Mt. Gox moved 1,691.6 Bitcoins to two unlabeled addresses on Dec. 17. 

Reasons For The Latest Mt. Gox BTC Transfers Still Unclear

The 1,691.6 BTC moved by the exchange were split between two transfers of 1,427.9 Bitcoins and 191.7 Bitcoins. A portion of the largest amount ended up in a wallet starting with “1DeY” after moving through another address.

108 BTC from the 1,427.9 Bitcoin transfer and the smaller 191.7 BTC amount were then cycled through several addresses before ending up in an address starting with “1KLr,” which on-chain data shows currently holds 300 BTC.

The reasoning behind the latest transfers by the long-defunct crypto exchange remains unclear. Past movements by Mt. Gox have, however, been followed by creditor payouts.

Mt. Gox Movements Don’t Faze Bitcoin Investors

The latest transfers come after Mt. Gox shuffled more than 24,000 BTC worth around $2.5 billion to an unknown address shortly after the leading crypto broke above $100,000. Investors don’t seem fazed by the exchange’s recent Bitcoin movements, with BTC trading above $100,000 since Dec. 13. 

CoinMarketCap data shows that Bitcoin posted a more than 1% 24-hour gain to trade at $106,910.90 as of 2:12 a.m. EST. This is after it set a new all-time high above $107,000 during the last trading session.

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙 𝗙𝗹𝗼𝘄 (𝗨𝗦$ 𝗺𝗶𝗹𝗹𝗶𝗼𝗻) – 2024-12-16

TOTAL NET FLOW: 636.9

IBIT: 418.2
FBTC: 116.1
BITB: 30.7
ARKB: 47.7
BTCO: 0
EZBC: 0
BRRR: 0
HODL: 0
BTCW: 0
GBTC: 17.6
BTC: 6.6

For all the data & disclaimers visit:https://t.co/Wg6Qpn0Pqw

— Farside Investors (@FarsideUK) December 17, 2024

US spot BTC ETFs (exchange-traded funds) also pushed their impressive inflow streak to 12 days after investors poured $636.9 million into the investment products yesterday, according to Farside Investors data. BlackRock’s IBIT led the charge with $418.2 million inflows, pushing its total holdings to over $36,301 BTC.

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