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As Bitcoin hovers around $81,000, a massive transfer of nearly 12,000 BTC by the former defunct giant reignites speculation. Between the psychology of the players and invisible market mechanisms, a breakdown of a tremor that recalls the fragility of an ecosystem still marked by its ghosts.
Did Mt. Gox just trigger the next Bitcoin crash?
The numbers speak, but their interpretation is divisive. According to Lookonchain, Mt. Gox moved 11,834 bitcoins this month, including 11,502 to an unknown wallet.
An opaque maneuver, preceded by a transfer of $1.07 billion in March. Why these movements now? The answer may lie in the legal guts of the creditor repayment, initiated in July 2023 but stretched until October 31.
The timing raises questions. These transactions occur as the market goes through a turbulent zone: Ethereum hits levels unseen since October 2023, and Bitcoin wobbles. Coincidence? Not really.
Every move from Mt. Gox acts like an electric shock on investors still traumatized by the 2014 bankruptcy. The platform, though moribund, retains a hypnotic power over prices.
However, the facts resist fantasies. No massive liquidation has followed the previous repayments.
The creditors, often seasoned hodlers, seem to prefer caution over panic. The postponement of the deadline to October 2024 — announced at the end of 2023 — even eased fears. But the market, it operates on instinct. Mt. Gox always finds a way to keep the market nervous. Fear sometimes feeds on itself.
Panic in the market
Bitcoin operates like a funhouse mirror: a transfer is never just a transfer… until it becomes a symbol. The 11,834 BTC moved represent only a tiny fraction of the market. But in the collective imagination, Mt. Gox always embodies systemic risk. Each transaction awakens the specter of a flood of sales, although nothing technically indicates it.
Let’s analyze dispassionately. The bitcoins sent to a hot wallet — often associated with immediate liquidity — could foreshadow a future sale. But the majority landed in a “new wallet”, probably an intermediate step before redistribution. A logic of caution, not attack. Yet, the market overreacts. As if each unknown address hides a trap, each transaction a warning.
In reality, this nervousness reveals a deeper truth: Bitcoin remains vulnerable to narratives. Algorithms trade at the speed of rumors, and the media amplify every tremor. The drop below $2,000 for Ethereum? A symptom of this permeability to signals, whether real or imaginary, but which still impacts DeFi, leading to a collapse of $45 billion.
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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
