Mt. Gox's new Bitcoin transfers are raising concerns in the market.

Mt. Gox has caused unease in the market with its recent high-volume Bitcoin (BTC) transfers.

With the fluctuations in the cryptocurrency market, it has been reported that Mt. Gox transferred approximately 11,834 BTC. Of these transfers, 11,502 BTC were sent to a new wallet, while the remainder was transferred to a hot wallet. At the beginning of March, Mt. Gox had moved around 1.07 billion dollars worth of BTC to a different wallet, followed by another transfer of 15 million dollars.

Mt. Gox started payments last year

After a major hack attack in 2014 that led to its bankruptcy, Mt. Gox decided to pay creditors in BTC and Bitcoin Cash (BCH). Refunds, which started in July 2024, will continue until October 2025. However, the recent transfers have raised concerns that selling pressure in the market could increase.

The BTC transfers made by Mt. Gox raise three possibilities: If creditors sell their BTC, a wave of sales may emerge in the markets. On the other hand, if institutional investors or OTC markets absorb this supply, selling pressure may remain limited. The third possibility is that creditors continue to hold their BTC, resulting in a limited effect on prices due to staggered payments.

Bitcoin and altcoins continue to decline

Recently, Bitcoin dropped to a level of 76,624 dollars following the Mt. Gox transfers, but rebounded back to the 80,000 dollar range due to buying reactions. Ethereum lost 7.5% of its value, falling to 1,760 dollars before recovering to around 1,900 dollars. Significant losses were also experienced in major altcoins such as Solana and XRP.

Some analysts believe that if the selling pressure from Mt. Gox continues, it will be critical for Bitcoin to find support at the levels of 76,000 and 74,000 dollars.