**Mt. Gox Moves $905 Million in Bitcoin as Market Shifts: What You Need to Know**
In a significant move, the now-defunct cryptocurrency exchange Mt. Gox transferred 11,501 Bitcoin (BTC), worth around $905 million, to an unmasked digital wallet on March 18, according to data from Arkham Intelligence. This transaction came on the heels of a smaller test transfer of 20 BTC to the custodial platform BitGo just a few days earlier, on March 15. The timing was notable, as Bitcoin’s price had dipped below $77,000, continuing a downward trend that began in early March.
As it stands, Mt. Gox still holds a substantial amount of Bitcoin—35,915 BTC, valued at approximately $2.8 billion based on CoinGecko’s market data. Just last week, the exchange moved over $1 billion in BTC to a wallet labeled “1Mo1n,” which was later obscured for privacy reasons. On March 18, this wallet redistributed a total of $931 million in BTC, sending $905 million to an unknown address and the rest to its operational hot wallet.
The recent decline in Bitcoin’s price has led to a variety of technical analyses. Arthur Hayes, co-founder of the derivatives exchange BitMEX, has suggested that there could be a rebound to $78,000, but he also cautioned that volatility might increase if this resistance level is breached. He pointed out that there is significant open interest in BTC options contracts clustered between $70,000 and $75,000, indicating potential downside risks if bearish momentum continues.
Ryan Lee, head of research at Bitget, presented a dual scenario: if Bitcoin falls below $77,000, it could test support levels around $70,000 to $72,000. Conversely, a recovery could see prices rise toward $80,000 to $85,000. Lee highlighted the importance of macroeconomic factors, such as Federal Reserve policy decisions and regulatory developments, in shaping Bitcoin’s near-term price movements. “This week, we might see a mid-week test of $72,000 to $75,000, with Bitcoin potentially stabilizing around $83,000 by March 18-19, depending on market sentiment and external influences like regulatory news and the upcoming FOMC meeting,” Lee noted in a statement on Monday.
Traders are keeping a close eye on Mt. Gox’s wallet activity, given its historical impact on Bitcoin liquidity. The exchange’s remaining holdings account for roughly 1.8% of Bitcoin’s circulating supply, raising questions about future distributions. Analysts at ETHNews have warned that external factors, including institutional demand and broader macroeconomic trends, are likely to influence market direction as we approach key events like the Federal Open Market Committee meeting in mid-March.
In summary, Mt. Gox’s recent Bitcoin transfer is a noteworthy development in the cryptocurrency landscape, especially as the market navigates through fluctuations. Keep an eye on these trends, as they could have significant implications for Bitcoin’s future.
