Mt. Gox Transfers 10,600 BTC, Triggering Fresh Market Panic

Mt. Gox has stirred the crypto market once again. The long-defunct exchange recently moved more than 10,600 BTC after months of silence, sparking fear during an already intense market crash. 

As Bitcoin dropped below $90,000, traders faced heavy liquidations and renewed fear of a deeper price downturn.

Mt. Gox Made Massive BTC Transfers After Months of Inactivity

On November 18, the defunct Japanese exchange Mt. Gox moved 10,423 BTC, worth about $936 million, to a new wallet after eight months of inactivity. This massive crypto movement was reported by blockchain tracker Lookonchain, quickly drawing attention across the crypto community.

A few hours later, Mt. Gox sent another 185.2 BTC, worth $16.8 million, to Kraken. These transfers came during a sharp market downturn, adding more pressure to Bitcoin, Ethereum, XRP, BNB, Solana, Cardano, and several other major altcoins.

Movements from Mt. Gox wallets are widely seen as bearish signals. This is because creditors who receive these funds usually sell them for cash, increasing selling pressure. Meanwhile, the exchange has announced that creditor repayments have been pushed to 2026.

Market Fear Grows as Bitcoin Falls and Sell-Off Strengthens

The crypto market has been filled with uncertainty for weeks. Long-term Bitcoin holders and large investors continue to offload BTC. This comes as market fear remains strong. The global crypto market cap has dropped by more than $1.20 trillion in a month, leaving many investors with heavy losses. 

Adding to the market fears, U.S. Bitcoin Exchange Traded Funds (ETF) have seen more than $2 billion withdrawn over the past week. This marked their second-worst outflow streak on record.

Nevertheless, Bitcoin supporters continue to buy the dip, showing strong optimism for the coin’s future growth. Earlier today, El Salvador purchased 1,090 BTC worth around $101 million, taking advantage of the market decline. 

Analysts Warn of More Declines if History Repeats

At the time of writing, Bitcoin is trading around $90,464, down by 5% in the past 24 hours, according to CoinMarketCap data. Crypto analysts say Bitcoin could fall further if past patterns return. 

According to analyst Ali Martinez, when Bitcoin drops below its 200-day moving average, it often continues falling until it reaches its realized price. Right now, Bitcoin’s realized price is $56,000. 

Some analysts note that past “death cross” patterns have pointed to market bottoms. But in 2022, the same pattern started a major bear market instead. 

CryptoQuant’s head of research, Julio Moreno, believes the market is already in bear territory. In a recent X post, he advised traders to stop relying on bull-market signals and prepare for more downside. 

If the bear trend continues, Bitcoin could next test support levels at $85,000 and possibly fall toward the $56,000 realized price.

Meanwhile, crypto trading volume has jumped by 50%, showing that traders are actively watching the market as fear of a deeper crash grows.