The huge move may indicate that Mt. Gox is poised to deliver more Bitcoin to its creditors, who have been waiting since the exchange crashed in 2014.

Galaxy's chief of research, Alex Thorn, disagrees.

Thorn thinks just $74.5 million of the cash transferred will be disbursed, with the remainder going into “fresh cold storage” maintained by the estate.

It's Mt. Gox's first large Bitcoin transfer since July 30, when it sent 47,229 BTC to three unknown wallets in three hours.

Arkham Intelligence believed 33,105 Bitcoin flowed to BitGo, a custodian helping the Mt. Gox trustee refund assets to creditors.

This wallet sent a test transaction two weeks later before transferring the whole amount to an unknown wallet address, where it has sat since.