Mt. Gox and US Government Transfers Shake Up Crypto Market Liquidity

TLDR

Table of Contents

Mt. Gox moved 10,608 BTC worth $953.66M after 8 months of inactivity.
185 BTC valued at $16.8M was sent to Kraken by Mt. Gox following a test.
US govt transferred $23K in WIN tokens seized from Alameda Research.
Mt. Gox Bitcoin repayments delayed until October 31, 2026.

After months of silence, Mt. Gox, the infamous defunct Japanese exchange, has moved a massive $953M worth of Bitcoin, triggering attention across the crypto market. Meanwhile, the US government quietly transferred seized WIN tokens from Alameda Research, signaling ongoing management of confiscated digital assets. With Mt. Gox’s repayment schedule extended to 2026, traders are closely watching how these movements could influence Bitcoin’s liquidity and market volatility.

Mt. Gox Moves $953M in Bitcoin After Long Inactivity

After nearly eight months without activity, the defunct Japanese crypto exchange Mt. Gox has moved 10,608 BTC. Blockchain tracking platform Arkham reported that the transfer was valued at approximately $953.66 million.

The BTC was sent to an unknown internal wallet, while 185 BTC, worth around $16.8 million, was separately transferred to the Kraken exchange. This transfer followed a test transaction conducted before the movement.

These movements come shortly after Mt. Gox’s October 2025 announcement regarding the rescheduling of Bitcoin repayments. The company confirmed that repayments would now occur by October 31, 2026, citing court approvals. According to trustee Nobuaki Kobayashi, “It has become desirable to make the repayments to such rehabilitation creditors to the extent reasonably practicable.”

The delay in distribution locks up an estimated 34,689 BTC, valued at over $4 billion, effectively removing a large amount of Bitcoin from immediate circulation. Market analysts have interpreted the delay as helpful in reducing near-term concerns about market oversupply.

Mt. Gox Sends BTC to Kraken Amid Repayment Timeline Extension

Mt. Gox’s 185 BTC transfer to Kraken marks its first outbound exchange movement since a $77.4 million transaction last year. That prior transfer also went to Kraken and was meant for creditor distributions.

The more recent activity, though smaller in volume, is being closely monitored by market watchers. The 10,608 BTC that remains in internal wallets has not yet been linked to any exchange or selling activity.

With repayments postponed until late 2026, creditors are expected to wait another year for their distributions. The postponement was made under the supervision of Japan’s legal system, allowing Mt. Gox administrators more time to coordinate complex repayments.

This has provided some breathing space in the market as fears of mass liquidations from Mt. Gox have been temporarily set aside.

US Government Transfers Seized WIN Tokens

Separately, blockchain intelligence platform Arkham also reported that the US government transferred $23,000 worth of WIN tokens on the Tron network. These digital assets were originally seized from Alameda Research.

Although small in monetary value, the transfer is seen as a sign that authorities remain active in managing seized crypto assets. Such transactions often precede sales, auctions, or compliance actions by federal agencies.

The WIN tokens were sent from a government-controlled wallet to another, suggesting internal repositioning rather than liquidation. CoinGecko data showed WIN tokens trading at $0.0000332 at the time, with a 0.4% dip in the last 24 hours.

WIN, a token linked to decentralized applications on Tron, is lightly traded but can still be influenced by government movements due to its thin liquidity.

Ongoing Monitoring by Blockchain Firms and Analysts

Arkham’s tracking of both Mt. Gox and US government transactions shows how real-time blockchain monitoring can provide early signals of market activity.

Mt. Gox’s previous dormancy and sudden movement have caught the attention of traders. Although no direct selling has occurred yet, the shift of nearly $1 billion in BTC may set the stage for further activity.

Analysts are also observing whether the Mt. Gox BTC will stay in internal custody or be moved to exchanges in preparation for sales or distributions. The one-year extension of the repayment deadline temporarily removes the likelihood of major sell pressure in the short term.

At the same time, smaller government actions like the transfer of WIN tokens suggest a continued process of managing seized crypto across multiple blockchains.