A recent analysis has revealed how bankrupt Mt. Gox benefited from Bitcoin’s uptrend since the leading asset surpassed $100,000 this month.
Blockchain resource Lookonchain revealed a series of large Bitcoin transfers from the Mt. Gox rehabilitation fund to market maker B2C2 Group. It noted that Mt. Gox has distributed between 200 and 300 BTC to B2C2 every business day since December 5, offloading a total of 3,631.87 BTC.
These transactions are valued at approximately $364 million and are believed to be part of Mt. Gox’s creditor repayment process.
Daily transfer breakdown
The first transfers began with 200 BTC per day, worth $20.5 million and $19.6 million from December 5th to 6th, respectively. However, a consistent pattern of 300 BTC transfers emerged between December 9th and 13th. The daily values were between 28.8 and 30.2 million US dollars.
The period from December 16 to 19 saw the largest daily transfers, with transfers worth $30.1 million to $31.9 million per day. At the same time, Bitcoin reached an all-time high of $108,300.
By December 20th, volume had dropped to 200 BTC worth $19.4 million, with a similar figure on Monday, December 23rd. The latest transfers took place today and saw a move of 131.87 BTC worth $12.4 million.
Purpose and impact on BTC price
Market commentators believe the transfers are part of Mt. Gox’s creditor repayment strategy. Mt. Gox, the Japanese Bitcoin exchange that collapsed in 2014, announced repayments to creditors would begin in July 2024. Customers have waited a decade for refunds after Mt. Gox lost up to 950,000 BTC…
