A wallet associated with the defunct crypto exchange Mt. Gox moved 27,871 Bitcoin—worth approximately $2.8 billion—on December 4. Of this, $2.4 billion was transferred to an unidentified address, coinciding with Bitcoin’s historic surge past $100,000.
Mt. Gox Wallet Activity Raises Questions
Data from Arkham Intelligence reveals the wallet still holds around 39,878 Bitcoin, valued at $4.1 billion. The transfer follows another substantial movement on November 12, when 2,500 Bitcoin ($222 million) was sent to an unknown destination.
These transactions align with Mt. Gox’s extended repayment deadline of October 31, 2025, attributed to verification processes for claimants. While some creditors have received fiat reimbursements, many await compensation in Bitcoin or Bitcoin Cash.
Historically, Mt. Gox-related wallet activity has influenced Bitcoin prices, but recent transfers seem to have had minimal immediate impact. However, concerns linger that mass Bitcoin distribution to creditors might trigger a sell-off, applying downward pressure on the market.
Bitcoin Surges Beyond $100,000
Bitcoin reached an unprecedented $103,000 on December 4, pushing its market cap to $2 trillion. This 4% 24-hour surge follows significant U.S. crypto developments.
Federal Reserve Chair Jerome Powell recently likened Bitcoin to gold, while President-elect Donald Trump’s SEC nominee, Paul Atkins, is a noted crypto advocate. Analysts believe this signals a pro-crypto regulatory shift under the incoming administration.
Institutional Investors Drive Demand
The approval of U.S. spot Bitcoin ETFs in January has been transformative, channeling institutional funds into the crypto space. Collectively, Bitcoin ETFs now hold over 1 million BTC, rivaling Satoshi Nakamoto’s estimated holdings.
According to SoSoValue, Bitcoin spot ETFs recorded a net inflow of $557 million on December 4. BlackRock’s IBIT ETF saw the largest inflow, with $572 million, bringing its historical total to $33.34 billion. Meanwhile, Grayscale’s GBTC recorded a $94.31 million outflow, though its Mini Trust ETF BTC gained $55.71 million in net inflow.
The total net asset value of Bitcoin ETFs now stands at $108.23 billion, representing 5.54% of Bitcoin’s total market cap.
Corporate Adoption Gains Momentum
U.S. corporations are increasingly adopting Bitcoin as a treasury reserve asset. This trend, pioneered by MicroStrategy, reflects growing institutional confidence in Bitcoin as a long-term store of value.
Conclusion
Bitcoin’s climb past $100,000 signals unprecedented momentum for the crypto market. With institutional demand surging and regulatory developments favoring adoption, Bitcoin appears poised to maintain its upward trajectory, despite the potential impact of large-scale Mt. Gox-related distributions.
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