Mt. Gox Transfers 1200 Bitcoins: Is a Sell-Off Coming?
The crypto community is on the edge after the important Bitcoin (BTC) transfer in Gox Mountain. The collapsed exchange has increased the value of Bitcoin by $1 billion, according to Arkham Intelligence.
The deal sparked speculation about potential sales pressures, which could cause Bitcoin’s price to undermine a steady price in an already volatile market situation.
Gox Mountain transfers 12,000 bitcoins
Arkham’s blockchain Explorer It shows that Gox Mountain has transferred 12,000 BTC.
“Metric Tons. Gox moved $100 million in BTC,” Arkham reminded users on X.
Gox Hill sent 11,833.6 BTC worth about $1 billion, from its wallet (1PUQB) to the new address (1MO1N). Additionally, it transferred 166.5 BTC worth $15.1 million, To its cold wallet (1JBEZ). There is no further movement after these transactions.
This marks the first A lot of Bitcoin movement A wallet connected from Gox Mountain within a month. This is after a smaller, smaller shuffle between cold wallets in February.
Gox Mountain, once the largest Bitcoin exchange in the world, After a massive hack, it collapsed in 2014. this Safety The violation resulted in a loss of approximately 850,000 BTC. The exchange filed for bankruptcy, leaving creditors in trouble for many years.
However, Gox’s mom started reimbursing creditors last year. According to Arkham Data, the GOX link entity now holds 36,080 BTC, Valued at approximately US$3.2 billion.
Meanwhile, the transfer has attracted widespread attention on social media. Users speculate that these movements may trigger a sell-off.
“It looks like they are about to abandon”, a user Write On X.
However, Crypto Banter host Fefe Demeny claims the U.S. government holds bitcoin transferred in Gox Hill’s wallet because it previously seized the assets.
He speculated that this might be a strategic move The upcoming White House Crypto Summit. This summit is a summit of this kind and is scheduled to be held on March 7.
Key discussion points It is expected to include regulatory clarity of digital assets, creating U.S. crypto reserves including Bitcoin and potential reforms to other digital assets and crypto tax policies.
According to Demeny, Trump could use the summit to outline a plan that promises to never sell occupied BTC while committing to creating strategic bitcoin reserves.
Demeny believes that the initiative will inspire excitement in the cryptocurrency community and help boost market sentiment. The government can then use the Bitcoin that has been seized for reserves without any other purchases.
“If this is true, I believe we will see a lot of dumping in the short term.” Write.
Meanwhile, Bitcoin has been Fight against market volatilityDriven by factors such as new U.S. trade tariffs and broader economic uncertainty. In fact, last week, the cryptocurrency fear and greed index It reached its lowest level since 2022.
However, Bitcoin (BTC) is On March 5, it rose to over $90,000. This is due to speculation that speculation may receive special treatment in Trump’s proposed U.S. crypto reserve plan.
This upward movement only briefly dropped below $80,000 just five days ago. As of the latest update, Bitcoin was trading at $91,368, reflecting 3.0% of the past 24 hours. Whether these gains will lead to a sustained bullish rally, or whether the market will attract the nose again is still uncertain.
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