A wallet tied to the now-defunct crypto exchange Mt. Gox moved 27,871 Bitcoin—valued at approximately $2.8 billion—on December 4, with over $2.4 billion worth of Bitcoin transferred to an unidentified address.
The move coincided with Bitcoin’s unprecedented surge past the $100,000 mark, a historic milestone for the cryptocurrency.
The Mt. Gox wallet still holds roughly 39,878 Bitcoin, valued at around $4.1 billion, according to data from Arkham Intelligence.
Mt. Gox Transfers Bitcoin Between Wallets
The latest transfer follows another substantial transaction of 2,500 Bitcoin ($222 million) on November 12 to an undisclosed address.
These transfers occur against the backdrop of Mt. Gox’s extended repayment deadline, now pushed to October 31, 2025.
The extension was attributed to ongoing verification processes for claimants.
While some creditors have received fiat payments, many are still awaiting full reimbursement in Bitcoin or Bitcoin Cash.
Historically, Bitcoin market prices have reacted to Mt. Gox-related wallet activities, but recent movements appear to have had little immediate impact.
Nonetheless, market watchers remain concerned that a large-scale distribution of compensation to creditors could exert downward pressure if recipients decide to sell their Bitcoin holdings.
As of now, Bitcoin was trading at approximately $103,000, marking a 4% increase in 24 hours.
The leading cryptocurrency first surged above 100,000 earlier on December 4, pushing its market capitalization to an impressive $2 trillion.
The surge follows a series of developments in the U.S. crypto landscape.
Federal Reserve Chairman Jerome Powell recently described Bitcoin as a competitor to gold, while president-elect Donald Trump nominated pro-crypto advocate Paul Atkins to head the Securities and Exchange Commission.
Analysts believe these moves signal a regulatory pivot under the incoming administration, fostering a more favorable environment for the crypto industry.
Institutional Demand Drives Bitcoin’s Rally
Institutional demand continues to drive Bitcoin’s ascent. The approval of U.S. spot Bitcoin ETFs in January played a transformative role, providing a regulated channel for institutional investment.
As of December 3, these ETFs collectively hold over 1 million BTC, rivaling Satoshi Nakamoto’s estimated holdings.
Additionally, over 87% of institutional investors plan to allocate resources to digital assets in 2024, underscoring the sector’s growing appeal.
Corporate adoption also bolsters Bitcoin’s standing, with U.S. companies increasingly using it as a treasury reserve asset—a trend spearheaded by MicroStrategy and gaining broader traction.
According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $557 million on December 4.
Among the key players, BlackRock’s IBIT ETF recorded the highest net inflow of $572 million, boosting its historical total to $33.341 billion.
In contrast, Grayscale’s GBTC experienced a net outflow of $94.31 million, raising its cumulative net outflow to $20.643 billion.
Meanwhile, Grayscale’s Bitcoin Mini Trust ETF BTC reported a net inflow of $55.71 million, bringing its historical total net inflow to $785 million.
At the time of publication, the combined net asset value of Bitcoin spot ETFs stands at $108.232 billion, representing 5.54% of the total Bitcoin market cap.
The historical cumulative net inflow for Bitcoin spot ETFs has reached $32.291 billion.
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