Mt. Gox, the infamous defunct crypto exchange, has made another significant Bitcoin transfer, moving 11,833 BTC worth approximately $931 million on March 11. This marks the second massive transaction in just a week, raising questions about the potential market impact as the exchange continues its long-awaited repayment process. The move follows a previous transfer on March 6, when Mt. Gox shifted 12,000 BTC—valued at over $1 billion—fueling speculation that creditors may soon see progress in receiving their funds.

Where Did the Bitcoin Go?

Blockchain analytics firm Look on chain, citing Arkham Intelligence data, revealed that most of the Bitcoin—11,501 BTC (worth $905 million)—was sent to a new wallet. Meanwhile, 332 BTC ($26.1 million) was transferred to a warm wallet, which is typically used for transactions that require quick access to funds.

Some analysts believe that the smaller transaction could be an early step toward distributing funds to creditors. A similar pattern was observed in the March 6 transfer, when $15 million worth of Bitcoin was sent to Bit Go, one of the custodians helping facilitate repayments.

Surprisingly, despite the massive amount of Bitcoin being moved, the transaction fees were incredibly low. The entire process cost just $2.13, showcasing the efficiency of Bitcoin’s network.

Bitcoin’s Price Takes a Hit—But Recovers

Shortly after the transfer, Bitcoin experienced a sharp drop, falling 2.4% to $76,784 within just 30 minutes. This decline took BTC back to price levels last seen in November 2023, when the crypto market surged following positive political developments in the U.S.

However, Bitcoin quickly rebounded to $79,275, suggesting that traders absorbed the initial selling pressure. Market analysts remain divided on whether these movements indicate larger sell-offs ahead or if the impact will remain minimal.

Arthur Hayes, the former CEO of Bit MEX, weighed in on the situation. In a March 11 post on X (formerly Twitter), he advised investors to “be patient” and suggested that Bitcoin could find a temporary bottom around the $70,000 mark before its next major move.

How Much Bitcoin Does Mt. Gox Still Hold?

Since starting its repayment process in June 2024, Mt. Gox has been gradually reducing its Bitcoin reserves. With the latest transfer, its remaining holdings now stand at approximately 24,411 BTC, valued at around $1.94 billion.

This is a significant drop from the estimated $9.2 billion in Bitcoin that Mt. Gox held before beginning the repayment process. The exchange has committed to fully reimbursing creditors by October 31, 2025, after years of legal battles and delays.

What’s Next for Bitcoin?

The crypto community remains on high alert for future Bitcoin transfers from Mt. Gox. If more large sums are moved and liquidated, Bitcoin could face additional short-term volatility.

However, some analysts argue that the market has already factored in these repayments, meaning that any sell-offs might not be as disruptive as feared. Furthermore, Bitcoin remains in a bullish cycle, driven by institutional demand, ETF inflows, and growing mainstream adoption.

Final Thoughts

Mt. Gox’s latest Bitcoin move signals further progress in its long-overdue repayment process. While Bitcoin briefly dipped in response, the market showed resilience by quickly recovering.

With more Bitcoin still under Mt. Gox’s control, the coming months could bring further price fluctuations. Investors will be watching closely to see how these transfers unfold and whether they trigger more volatility—or if the market remains steady in the face of this long-awaited distribution.