The defunct Japanese cryptocurrency exchange Mt. Gox initiated a significant on-chain movement of approximately 10,608 BTC, valued at around $950–$953 million at the time based on Bitcoin’s price near $90,000.
This transfer originated from a labeled “Mt. Gox Cold Wallet” and was split between a hot wallet controlled by the exchange (185 BTC) and a new, unmarked address (10,423 BTC). Blockchain analytics firm Arkham Intelligence tracked the activity, marking it as the largest such move from Mt. Gox wallets in eight months, since a smaller transfer in March 2025.
This action has reignited concerns among investors about potential market dumps, as Mt. Gox continues its protracted creditor repayment process stemming from its 2014 hack and bankruptcy. The rehabilitation trustee recently extended the repayment deadline to October 31, 2026, delaying distributions to the remaining 19,500 creditors.
Mt. Gox still holds about 35,000 BTC ~$3.2 billion in labeled wallets, down from over 100,000 BTC earlier in 2025 due to prior repayments via exchanges like Kraken and Bitstamp. Analysts like Jacob King of SwanDesk warned on X that this could signal preparations for a “market dump,” contributing to Bitcoin’s dip below $90,000—a six-month low—amid broader market liquidations exceeding $937 million in 24 hours.
While past transfers have led to actual repayments (e.g., 166.5 BTC to BitGo earlier in November), the unmarked destination here has fueled speculation rather than confirmation. The crypto market cap fell to $2.44 trillion, its lowest since early November 2025, amplifying volatility fears.
El Salvador $100M Bitcoin Purchase
In a stark counterpoint, El Salvador announced on November 18, 2025, that it had acquired 1,090–1,098 BTC worth approximately $100 million, its largest single-day purchase to date. President Nayib Bukele confirmed the move via social media, framing it as “buying the dip” during Bitcoin’s slump below $90,000.
This boosts the nation’s total holdings to 7,474 BTC, valued at ~$688 million—up from a peak of nearly $800 million earlier in 2025, despite recent unrealized losses of ~$200 million due to price fluctuations. El Salvador has maintained a consistent accumulation strategy since November 2022, buying at least 1 BTC daily and leveraging geothermal mining.
Officials, including Bitcoin Office director Stacy Herbert, defended the purchase as transparent and blockchain-verified, emphasizing themes of “freedom, transparency, and individual empowerment.” However, it has drawn scrutiny from the International Monetary Fund (IMF), which imposed restrictions under a $1.4 billion loan agreement requiring voluntary Bitcoin use and scaled-back public initiatives like the Chivo wallet.
Some reports question if this violates terms, though Salvadoran spokespeople insist it aligns with their Strategic Bitcoin Reserve policy. The timing—amid “extreme fear” in crypto sentiment indexes—highlights El Salvador’s long-term bullish stance, positioning it as a sovereign outlier against institutional sell-offs.
These events unfolded against a turbulent backdrop: Bitcoin’s 4.5% drop to ~$89,368 on November 18, triggering widespread panic and liquidations. Mt. Gox’s supply-side pressure potential selling contrasts with El Salvador’s demand signal, potentially stabilizing narratives for Bitcoin’s resilience.
BTC trades around $91,000, with analysts watching Mt. Gox’s next moves and El Salvador’s IMF negotiations for further volatility cues. Heightened sell-off fears; contributed to BTC dip below $90K
Total holdings: 7,474 BTC (~$688M); signals sovereign confidence amid rout. The Mt. Gox transfer of ~10,608 BTC ($950–$956M) has amplified existing volatility, contributing to Bitcoin’s plunge below $90,000—a level not seen since April 2025—and triggering over $937M in liquidations across crypto markets.
Historical patterns show Mt. Gox movements often precede price dips due to fears of creditor sell-offs, with nearly every large transfer correlating to negative BTC performance. This event exacerbated “extreme fear” in sentiment indexes, pushing the total crypto market cap to $2.44T, its lowest since early November.
However, the market’s relative shrug—minimal long-term reaction post-transfer—suggests growing maturity, as institutional inflows (e.g., U.S. spot ETFs absorbing supply) have diminished the impact of such events compared to 2024.
In contrast, El Salvador’s $100M purchase acted as a counter-narrative, signaling sovereign confidence amid the rout. This “buy the dip” move, executed at $91K average, boosted national holdings to 7,474 BTC ($688M), with an estimated cost basis of $44K yielding ~100% unrealized gains despite recent volatility.
It provided psychological support, aligning with other accumulators like MicroStrategy adding 8,178 BTC for $835M and UBS ($475M), potentially capping downside by reducing available supply. BTC has rebounded to ~$91,000, hinting at stabilization.
Mt. Gox’s ongoing repayments—now delayed to October 2026—lock ~34,689 BTC ($3.1B) out of circulation longer, reducing near-term oversupply risks and allowing the market to absorb distributions via partners like Kraken and Bitstamp.
This extension, the third since 2023, eases pressure on liquidity but perpetuates uncertainty for ~19,500 creditors, potentially eroding trust in legacy crypto institutions. On-chain, the transfer to an unmarked wallet signals prudent asset management rather than imminent dumps, with analysts noting no proven directional impact from such moves alone.
