Bitcoin Slides as Mt. Gox Moves Another $931M in BTC

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Mt. Gox transferred 11,833 BTC worth $931M on March 11, following a $1B move on March 6.
Bitcoin briefly fell 2.4% to $76,784 but rebounded to $80,462 amid market uncertainty.
Analysts see $81,200 as the key level; a breakout could push it past $100,000.

The former leader in cryptocurrency exchanges, Mt. Gox, has conducted another significant Bitcoin transaction, making it the second large-scale transfer within a week. On March 11, the defunct platform moved 11,833 BTC, worth over $931million, as Bitcoin’s value briefly dropped to a four-month low.

According to blockchain analytics firm Lookonchain, a significant portion—11,501 BTC worth $905.1 million—landed in a newly created wallet. The remaining 332 BTC, valued at $26.1 million, found its way into a warm wallet. The entire transaction cost the exchange a mere $2.13 in network fees.

This move follows another significant transfer on March 6, when Mt. Gox relocated 12,000 BTC, amounting to slightly over $1 billion. According to the Arkham platform, $15 million of that amount reached BitGo, one of the custodians overseeing repayments to creditors.

Mt. Gox’s Bitcoin holdings have now dwindled to 24,411 BTC, worth around $1.94 billion. This comes after the platform began offloading its massive $9.2 billion BTC stash in June 2024. The Tokyo-based exchange had promised full creditor repayments by October 31, 2025, extending its deadline last year.

Bitcoin Wavers After Mt. Gox Activity

Mt. Gox’s latest transaction coincided with a sharp 2.4% drop in Bitcoin’s value, hitting $76,784 within just 30 minutes, according to CoinGecko. The market seemed to echo levels last seen in November when bullish momentum surged following the U.S. presidential election.

Despite the setback, Bitcoin showed resilience, quickly rebounding to $80,462. Market players, however, remain on edge, with Maelstrom’s chief investment officer Arthur Hayes urging patience. “Be fucking patient,” he posted on X, suggesting that the cryptocurrency may still have room to dip before finding firm footing.

Technical analyst SaQiiCrypto weighed in, stating that for Bitcoin to stage a proper recovery, it must break back into its descending price channel and close above $81,200. At the time of the analysis, BTC hovered around $80,359, signaling early signs of recovery.

Bitcoin’s Next Move Hinges on $81K

SaQiiCrypto suggested that If the cryptocurrency successfully crosses the $81,000 threshold, it could open the gates toward price targets of $85,000 to $86,500. Traders eye a critical resistance level near $90,579—an area where Bitcoin previously faced rejection. A breakout above that could drive further gains, possibly setting the stage for a rally beyond $100,000.

On the downside, a failure to reclaim the $81,200 level could see Bitcoin retreat further into a key support zone between $75,000 and $76,000. A decisive move in either direction remains elusive, leaving the market in a consolidation phase as investors gauge the next big trend.

While Bitcoin’s short-term outlook remains volatile, some analysts continue to see an optimistic future. CryptoQuant contributor Ibrahim Cosar reaffirmed his projection that it could reach $180,000 by 2026. If that holds true, current price levels might offer a rare buying opportunity for investors looking at potential returns exceeding 100% in the next two years.

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