Bitcoin transfers from Mt Gox to B2C2 group exceed $364 million: a closer look

Latest analysis has revealed how bankrupt entity Mt.Gox has benefited from Bitcoin’s bullish trend since the key asset surpassed the $100,000 level this month.

Blockchain Resources Lookonchain open A series of large Bitcoin transfers from the Mt.Gox rehabilitation fund to market maker B2C2 Group. It noted that since December 5, Mt Gox has distributed between 200 and 300 BTC to B2C2 every business day, resulting in a total offload of 3,631.87 BTC.

These transactions are worth approximately US$364 million and are believed to be part of the process of repaying Mt.Gox’s creditors.

Distribution of daily transfers

Initial transfers started at 200 bitcoins per day, worth $20.5 million and $19.6 million for the period December 5-6, respectively. However, from December 9 to 13, a consistent pattern of 300 Bitcoin transfers emerged. Daily values ​​ranged between $28.8 million and $30.2 million.

The period from December 16 to 19 witnessed the largest daily transfers, with the value of transfers reaching between $30.1 million and $31.9 million per day. This coincided with Bitcoin reaching its highest level ever at $108,300.

By December 20, volume had fallen to 200 BTC worth $19.4 million, with a similar value move on Monday, December 23. The latest transfers occurred today and saw the movement of 131.87 BTC worth $12.4 million.

Purpose and implications for BTC price

Market commentators believe that the transfers will be part of Mt.Gox’s creditor repayment strategy. Mt Gox, the Japanese Bitcoin exchange that collapsed in 2014, announced… start of repaying creditors in July 2024. Customers have waited a decade for refunds after Mt.Gox lost up to 950,000 bitcoins in hacks.

The announcement noted that payments will continue for eligible users who complete account verification and sign up on designated exchanges. At the time, the bankruptcy estate contained 138,985 Bitcoin, worth $7.5 billion.

Meanwhile, the latest data from Arkham shows that it owns 36,085 Bitcoin, worth around $3.47 billion.

Basically, this confirms that The payment process is progressingwith billions of dollars in Bitcoin already distributed. For example, in November, the platform is defunct sender BTC is worth around $2.2 billion USD to three offshore addresses.

Analysts had previously warned of the possibility of pressure to sell off creditors’ cash. However, they are male Market liquidity can absorb this without significant disruption, especially since total Bitcoin outstandings represent far less than 1% of the total supply, and not all funds will be liquidated at once.

Meanwhile, news of Bitcoin moving from Mt.Gox to offshore wallets has often raised eyebrows in the cryptocurrency community.