**Mt. Gox’s Bitcoin Movements: A Timeline of Market Impact Amidst Repayments**

Mt. Gox, the defunct Tokyo-based cryptocurrency exchange, still holds around 34,689 Bitcoin (BTC) ahead of its October 31 repayment deadline. The exchange famously lost approximately 650,000 BTC in thefts that went undetected from 2011 until its 2014 collapse. Later, about 200,000 BTC was discovered in an old-format wallet. These recovered coins became the foundation for creditor repayments overseen by court-appointed trustee Nobuaki Kobayashi.

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### The “Tokyo Whale” and the First Major Bitcoin Sales

In 2017 and 2018, Kobayashi earned the nickname “Tokyo Whale” for selling Mt. Gox Bitcoin to fund fiat repayments. His first major round of Bitcoin sales took place between September 2017 and March 2018, with blockchain data indicating the largest offloading occurred on February 6.

By mid-March 2018, Mt. Gox’s Bitcoin holdings fell to around 166,000 BTC after Kobayashi disclosed selling 35,841 BTC for 38 billion Japanese yen (about $360 million at the time). While this might seem insignificant now, it was impactful then. On that February day, Bitcoin’s market capitalization stood at roughly $140 billion — meaning Kobayashi’s sales represented about 0.26% of the total asset value.

Notably, the February 6 sale coincided with Bitcoin’s slide to around $6,000, the lowest point of the year’s first quarter. Bitcoin was already declining from its December 2017 peak near $20,000 during the ICO boom. While Kobayashi denied that his liquidations deepened the price drop, his actions drew criticism from market observers.

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### Continued Sales and the Beginning of the Crypto Winter

Following the ICO crash of early 2018, Bitcoin and the broader cryptocurrency industry entered what became known as the first crypto winter. Liquidity dried up, funding slowed, and many crypto firms downsized or closed.

Kobayashi continued selling Mt. Gox’s Bitcoin during this period. From April 27 to May 11, he sold about 24,658 BTC, reducing holdings to roughly 141,686 BTC. The first sale on April 27 was about 15,000 BTC and coincided with a sharp Bitcoin price drop on April 25-26, followed by a rebound to a Q2 2018 high near $10,000.

His second major sale on May 11 again coincided with Bitcoin’s fall from that peak. This May 11 transaction marked the last time Kobayashi sold Mt. Gox Bitcoin.

In June 2018, following a creditor petition, the Tokyo District Court halted the bankruptcy proceedings and opened civil rehabilitation, appointing Kobayashi as rehabilitation trustee. Unlike bankruptcy, where non-monetary claims convert to cash, civil rehabilitation allowed Bitcoin claims to be repaid in BTC or Bitcoin Cash (BCH), per a court-approved plan.

With sales halted, Bitcoin remained mostly above $6,000 for the rest of 2018 until the November Bitcoin Cash hard fork rattled the market. Mt. Gox’s holdings remained steady at around 142,000 BTC during this time.

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### Mt. Gox Bitcoin Repayments Begin Amid Bull Rally

By mid-2024, Bitcoin was in a stronger position than during the Tokyo Whale era. It was amidst a bull rally that would eventually push the price past $100,000 by December 2024, buoyed by the first batch of U.S. spot Bitcoin exchange-traded funds (ETFs).

In early July 2024, Mt. Gox wallets began moving Bitcoin in preparation for creditor repayments under the civil rehabilitation plan. There were initial market fears that the recipients would immediately sell their shares, pressuring prices downward.

Bitcoin dipped again after Kraken, one of the exchanges handling distributions, announced completion of its process on July 24. Some analysts speculated that up to 99% of creditors might sell once they received their Bitcoin.

However, when repayments actually began, there was no significant spike in trading volume, according to CryptoQuant founder Ki Young Ju. By August 1, 2024, data showed Mt. Gox’s holdings had fallen by nearly 100,000 BTC, leaving about 46,000 BTC under the trustee’s control.

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### Extended Repayment Deadline and Preparing for Final Distributions

On October 10, 2024, Kobayashi announced that most repayments to verified creditors had been completed, though many remained pending due to incomplete procedures or processing issues.

With court approval, the repayment deadline was extended from October 31, 2024, to October 31, 2025, giving creditors more time to complete claim submissions. The trustee urged remaining creditors to finalize their paperwork through the Mt. Gox claims portal.

At the time of writing, Mt. Gox wallets still hold approximately 34,689 BTC — roughly $3.9 billion — awaiting distribution.

In March 2025, the exchange began moving assets between its wallets, likely preparing for further repayments ahead of the Halloween deadline.

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### What This Means for the Market

With billions of dollars worth of Bitcoin still trapped in Mt. Gox-linked wallets and an extended repayment timeline, every movement sparks speculation about possible sell pressure. Market participants continue to watch closely to see how these large Bitcoin transfers will influence prices in the near future.

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**Related:**

– [$19B Crypto Market Crash: Was it Leverage, China Tariffs or Both?](#)
– [Democrats Counter US Crypto Framework; Bill Grinds to a Halt](#)

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*Stay tuned for updates as Mt. Gox’s Bitcoin repayment saga continues to unfold.*
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