- Mt. Gox moved $1B in Bitcoin, raising concerns, but its impact on market volatility appears limited. Repayment delays persist.
- Some Mt. Gox creditors received fiat payouts, yet many await BTC or BCH. The repayment deadline now extends to October 2025.
- eToro expands crypto transfer options for UK and EU users, enabling external BTC/ETH deposits and fiat conversions via its wallet.
Mt. Gox has transferred 11,501.4 BTC, worth around $1 billion, raising concerns about market impact. The defunct exchange sent 10,608 BTC ($929.7 million) to a new wallet. Additionally, 893.4 BTC ($78.3 million) went to a warm wallet, which could signal another outbound transfer.
These movements follow an earlier transaction on March 11, when Mt. Gox moved 332 BTC ($26 million) to an unknown address. The latest activity continues to attract scrutiny. Notably, the exchange still holds around 35,583 BTC, valued at approximately $3 billion.
Bitcoin Transfers and Their Market Impact
Past Bitcoin transfers from major holders like Mt. Gox often caused market fluctuations. However, recent movements have shown a reduced correlation with price volatility. Moreover, some creditors confirmed receiving fiat payouts, though many await their full compensation in BTC or BCH.
Mt. Gox extended its repayment deadline from October 31, 2024, to October 31, 2025. The exchange cites ongoing verification and processing delays for claimants. Hence, some users may need to wait another year for compensation.
The exchange filed for bankruptcy in 2014 after losing 850,000 BTC in a massive hack. At its peak, it handled around 70-80% of Bitcoin transactions. A court-appointed trustee has since managed its assets and the repayment process.
eToro Expands Crypto Transfer Capabilities
Besides the Mt. Gox developments, eToro has announced a new feature for UK and European clients. Eligible users can transfer BTC or ETH from external wallets to the eToro Crypto Wallet. Furthermore, they can convert these holdings to fiat in their GBP or EUR accounts.
This move enhances flexibility, allowing users to reinvest or withdraw funds. Additionally, UK customers can use an eToro debit card for transactions. Consequently, eToro aims to expand its investment platform’s appeal to a broader audience.
