Blockchain intelligence firm Arkham reported that wallets associated with Aleksey Bilyuchenko—a Russian national charged by U.S. authorities for his alleged role in the 2011-2014 Mt. Gox hack—transferred approximately 1,300 BTC valued at around $114 million to unidentified platforms over the past week.
Bilyuchenko and co-conspirator Aleksandr Verner are accused of stealing ~647,000 BTC from Mt. Gox by gaining unauthorized access to its servers. Much of this was laundered through exchanges, including the now-defunct BTC-e.
Current holdings: These wallets still control about 4,100 BTC ~$360 million, with ~2,300 BTC already sold previously. The movement has sparked some concern about potential selling pressure, though Bitcoin’s price has remained relatively stable in consolidation around $88,000-$92,000 amid broader year-end choppiness.
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This isn’t related to ongoing Mt. Gox creditor repayments which involve separate trustee-held wallets, but rather dormant funds from the original theft.
Wintermute’s Latest December Market Updates
Wintermute, a major crypto market maker and liquidity provider, has been releasing weekly market commentaries throughout December 2025, highlighting a shift to consolidation after earlier volatility. Key takeaways from their recent updates. Markets are in a “chop-free” range-bound phase with reduced leverage and calmer liquidations.
Bitcoin dominance is rising as retail and institutional flows rotate into BTC and ETH, while altcoins face heavy supply pressure from unlocks and lagging performance—effectively signaling “altcoin season is dead” for now.
Macro drivers like Fed policy, AI sector rotation in equities dominate, but exhaustion from pure macro trades could open room for crypto-specific narratives like U.S. regulation in 2026. Expect wider ranges and selective dip-buying into year-end, with potential for BTC to outperform in 2026 due to current dislocations vs. traditional assets like Nasdaq.
Wintermute also noted their own significant OTC activity earlier in the month, including large transfers, amid institutional demand trends. Overall crypto market on December 24: Mildly red, with BTC below $88K, total cap ~$3T, and elevated but thinning holiday volume.
No major breakout expected before 2026 clarity on policy and liquidity. This movement of ~1,300 BTC from wallets tied to the 2011-2014 Mt. Gox hack attributed to Aleksey Bilyuchenko and associates raises several key concerns and potential outcomes.
Transfers to unidentified platforms often precede sales or deposits to exchanges. If dumped on the market, this could add downward pressure on Bitcoin’s price, especially during low holiday liquidity periods. Historical patterns from large dormant wallet activations have triggered fear, uncertainty, and doubt (FUD), leading to temporary dips.
BTC is trading around $88K in a consolidation phase—such an event could exacerbate choppiness or test lower supports ~$84K-$86K, though the market has shown resilience to similar news recently. Future movements could signal continued laundering or liquidation, prolonging overhang fears.
Unlike official Mt. Gox creditor repayments, separate trustee wallets, deadline extended to 2026, this is “illicit” supply, potentially more unpredictable. Minimal immediate panic observed, suggesting maturing market absorption. However, it reinforces narratives of lingering risks from old hacks, potentially deterring new entrants.
If not fully sold, it highlights Bitcoin’s traceability—blockchain analytics like Arkham continue to track these funds, aiding law enforcement. Low-to-moderate bearish implication short-term; unlikely to derail the broader cycle but could contribute to year-end volatility.
Implications of Wintermute’s December 2025 Market Updates
Wintermute’s weekly commentaries paint a picture of a maturing but range-bound crypto market heading into 2026: Markets are in a “chop-free” digestion phase post-earlier macro-driven rallies. Leverage is low, liquidations calmer, and flows rotating positively into BTC/ETH.
This suggests healthier setup—no euphoric bubbles, reducing crash risk. Rising BTC dominance as altcoins face supply pressure. Retail/institutional capital favoring core assets implies alts could underperform further into 2026, with selective opportunities only on dips.
Bullish for BTC: Potential to lead in 2026 amid dislocations vs. traditional assets. Exhaustion from pure macro trades could shift focus to crypto-specific catalysts like U.S. regulation clarity in 2026. Holiday thinning + upcoming events may amplify swings, but overall calmer liquidity expected.
Institutional demand remains strong. 2026 positioned as promising for BTC/ETH growth via TradFi integration, though wider ranges and selective buying dominate near-term. Combined with the hacker news, these reinforce a cautious, BTC-centric environment.
Limited upside breakout before 2026 policy/liquidity clarity, but strong foundational support reducing deep correction odds. Expect range-bound action ~$84K-$92K for BTC with opportunistic dip-buying.