Will Mt Gox’s First BTC Movement in 8 Months Add to Bitcoin’s Selling Pressure?

Bitcoin (BTC) has been under a lot of pressure recently, with its price dropping to levels not seen since mid-April 2025. Amid the persistent negative trend, one of the largest holders of BTC had executed a major transfer that is capable of shaking the market further.

According to a tweet by Lookonchain, the estate trustee of the defunct cryptocurrency exchange Mt. Gox has moved approximately $1 billion in BTC within the last 24 hours. With the market already bleeding, the latest Mt. Gox transfer raises the question of whether BTC will buckle under intensifying selling pressure and decline further.

Mt Gox Makes Bitcoin Moves

The last time Mt Gox made a significant transfer was eight months ago, on March 25. CryptoPotato reported at the time that the entity moved 11,501 BTC, worth over $1.01 billion, from its cold wallet to two addresses. Following that transaction were two others worth more than $77 million each.

Since then, the cold wallet holding the defunct estate’s bitcoins has remained nearly dormant, only executing transactions worth less than $300 at a go. About seven hours before press time, the wallet suddenly moved 10,608 BTC worth no less than $953.66 million. A subsequent transaction from the wallet moved $16.8 million worth of bitcoins to another address.

In total, Mt. Gox has moved 10,793 BTC, worth $970.46 million, to two different addresses. The cold wallet still held $3.16 billion in BTC at press time.

Based on historical data, large Mt. Gox transfers have consistently preceded significant sell-offs. This is because the defunct exchange’s creditors tend to offload their assets soon after repayments are made.

Over a decade after its collapse, Mt. Gox began repaying creditors in July 2024. Although the payments were scheduled to be concluded last month, the entity announced that it was moving the deadline to October 2026. The estate trustee cited incomplete procedures as a reason for the change in plans. This means the Bitcoin market will witness more large transfers from wallets tied to the defunct entity in the coming months.

Will BTC Dump Further?

Mt. Gox may only be conducting some internal shuffling arrangements for the ongoing repayments, rather than immediately dumping the assets. However, past data shows that nearly every large transfer from the entity has led to a significant plunge in bitcoin’s price.

Data from CoinMarketCap shows that BTC has tumbled over 6.6% from $95,000 to $89,300. Although the asset had rebounded to $91,000 at the time of writing, Bitcoin moves from wallets tied to Mt Gox could trigger a deeper correction.

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