Mt. Gox transfers $784 million in Bitcoin, fueling distribution rumors

Quick Take

On Aug. 20, Mt. Gox made a significant on-chain movement of 13,265 Bitcoin, valued at approximately $784 million, according to Arkham Intelligence. The transaction occurred at 23:39 UTC, with the bulk of the Bitcoin—12,000 BTC, worth $709.44 million—being transferred to the address “1PuQB.” The remaining 1,265 BTC, valued at $74.77 million, was sent to the address “1Jbez,” which Arkham identified as a Mt. Gox wallet.

This movement has fueled speculation about potential Bitcoin distributions. Alex Thorn, an analyst at Galaxy, suggests that only 1,265 BTC is intended for distribution, with the larger portion likely moved to fresh cold storage by the Mt. Gox estate.

“AND, we now think that of the 13,265 BTC moved in this tx, only 1,265 ($74.5m) is meant to distro, w/ 12,000 going to estate fresh cold storage so, very small”

Currently, Mt. Gox holds 45,000 BTC after having distributed 97,000 of the original 142,000 BTC, according to Thorn.

This transaction adds to ongoing narratives about Bitcoin selling pressures, alongside other notable players like the German and US governments and Genesis, contributing to Bitcoin’s struggle to stay above $60,000.

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