Gox-linked wallets saw 27,871 bitcoins worth $2.8 billion transferred amid bitcoin gains of more than $100,000 on Wednesday evening. For traders, it shows an unprecedented level of strength, in the face of large movements, which has caused volatility in history.
The transfer, tracked by blockchain analytics firm Arkham Intelligence, led to 27,871 bitcoins to an unmarked address.
Analysts note that while the large-scale activity of wallets associated with Matt Gox has had a negative impact on the price of Bitcoin, today's activity is different.
“Normally, Presto Labs analyst and researcher Min Jung said, “Normally from Mt. Gox announcements have a negative impact on the market, often causing the price of Bitcoin to fall.”
Bitcoin exceeds 100 thousand dollars
The incident was “met with relative silence,” Jung told Decrypt, adding that the market showed “little reaction” to the transfer.
This muted response shows the brutality between them Bitcoin Investors are bullish, the analyst says.
But as US trading hours are not yet open when this transfer is made and the news is released, Jung said it will be necessary to monitor how the US market reacts.
The timing and scale of the transfer also presents a stark contrast: while the exchange demonstrates the ability to efficiently move billions of digital assets, it simultaneously lengthens basic administrative processes for creditor payments.
The transfer follows Matt Gox's decision in November to extend the repayment deadline by a year to October 2025, citing lenders' continuing assurance requirements.
“Headlines related to Matt Gox could still affect the market if bullish sentiments cool down,” Jung notes.
Resilience and maturity
Market observers note that while some lenders accept payments in fiat currency, many expect full compensation in Bitcoin or Bitcoin Cash. The extended timeline will affect thousands of lenders who lost their assets during one of the industry's most significant disruptions.
This latest move indicates that Bitcoin's price is “reflecting a consolidation pattern,” Kronos Research Chief Investment Officer Vincent Liu told Decrypt.
Liu added that this recent wallet activity, which did little to pause Bitcoin's push past $100,000, supports the idea that the market is testing and showing “resilience and maturity.”
The exchange holds approximately 39,878 bitcoins, worth $4.1 billion at current prices. The latest transfer follows the movement of 2,500 Bitcoin worth $222 million to another address in November.
In the year These wallet operations will continue as the exchange works to address the massive compensation claims of former users who lost their assets during the 2014 security breach.
At press time, Bitcoin is trading above $102,400, up 5.9% over the past 24 hours, according to data from CoinGecko.
Edited by Stacy Elliott.
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