Bankrupt crypto exchange Hill Gox executed a massive deal on March 11, shifting $930 million at 11,833 BTC. This marks the second time that Gox Hill has shifted similar amounts of Bitcoin, raising concerns about the impact of creditor repayments on the crypto market.
Latest GOX transaction details

Source: Arkham
According to Arkham Intelligence data, the latest Bitcoin transfers include:
- 11,501 BTC ($905.1 million) sent to new wallet.
- 332 BTC ($26.1 million) moved into a hot wallet.
- The transaction fee is only $2.13.
The latest deal comes after a similar transfer on March 6, when Gox Hill had moved out 12,000 BTC worth over $1 billion. Of these, about $15 million was sent to Bitgo, a custodial service that creditors repay. Data on the chain shows that Gox Mountain’s main wallet now has only 24,411 BTC, worth about $1.94 billion.
Market reaction
According to Coingecko data, the price of Bitcoin fell 2.4% in 30 minutes to $76,784 after the transaction. The result is the lowest price since November 2023, which is the expectation of Donald Trump’s election victory, a period of market optimism.


Source: Arthur Hayes
However, Bitcoin rebounded quickly, climbing to $79,275. Arthur Hayes, chief investment officer at Maelstrom, advises investors to remain patient and predict that Bitcoin may find the local bottom close to $70,000 before returning to its upward trajectory.
Read more: Global Markets Fall in Fear of Inflation
The impact of Gox Mountain on the cryptocurrency market
In 2014, the collapse of Gox Mountain severely damaged public trust in Bitcoin and digital assets. The incident has raised concerns about security and transparency, prompting stricter regulations in Japan and other governments. The greater legal pressure on crypto exchanges and companies to operate makes it more challenging.
The fall of Gox Mountain also had a significant impact on the price of Bitcoin. At that time, the exchange handled more than two-thirds of global BTC trading volume, so its failure led to an immediate market crash. Even a few years later, news of Bitcoin repayment in Gox Mountain continues to cause negative market reactions.
However, the incident also led to positive changes in the cryptocurrency space. Investors are more aware of the security of digital assets and adopt a safer storage method. The event accelerated the growth of decentralized storage solutions, with many users shifting to cold wallets and self-customers rather than relying on centralized communication. This shift enhances asset control and minimizes third-party risks.
in conclusion
The ongoing Gox Bitcoin transfer continues to spark market reactions, with investors closely monitoring the next steps in creditor repayment. Although direct effects may lead to volatility, analysts believe Bitcoin’s long-term bullish trajectory remains intact. As the cryptocurrency industry grows, Gox Mt. Saga’s lessons are a reminder of the importance of security, transparency and investors in browsing digital asset environments.