According to Arkham Intelligence data, on December 5 at 2:45 am UTC, the exchange transferred 24,051 Bitcoin to an unknown address starting with “1N7j,” which had no prior transaction history.

This was the first transfer since November 12. Mt. Gox’s move came just 12 minutes after Bitcoin crossed $100,000 and less than half an hour before Bitcoin reached a high of $104,000 on Coinbase at 3:08 am UTC, according to TradingView.

It is unknown why Mt. Gox transferred part of its holdings since it went bankrupt in early 2014, but similar moves in the past have been a precursor to payouts to its creditors.

Early on Dec. 5, a Mt. Gox-tagged wallet moved 24,051 BTC to an untagged address and over 3,800 BTC to a cold wallet. Source: Arkham Intelligence

What Will The Creditors Do?

Such moves are usually seen as bearish for Bitcoin, as it could mean that people who have been unable to access their Bitcoin for over a decade are likely to sell, potentially leading to a wave of billions of dollars in sales.

However, some analysts believe that the sell-side pressure from Mt. Gox payments is overblown, as these payments have been planned for years and the market has already priced them in.

Mt. Gox creditors can receive their payouts in Bitcoin, and many creditors who participated in a July poll on Reddit after the exchange’s first payout stated that they weren’t in a hurry to sell their Bitcoin.

In October, the Mt. Gox trustee managing the large Bitcoin sum extended the deadline for repayment to creditors to October 31, 2025, adding a full year.

The trustee noted that many creditors “still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”

According to Arkham Intelligence data, after the exchange’s latest move, it holds approximately $4.1 billion worth of 39,878 BTC.

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Bitcoin dominance, a metric measuring how much of the crypto market’s total value belongs to BTC, recovered as the asset reached its six-figure all-time high on December 5. Meanwhile, most altcoins failed to match BTC’s gains.

According to TradingView, Bitcoin dominance rose by 4.4% over the past 24 hours, climbing to 57% as the asset hit a record $104,000 on December 5. Bitcoin’s market share had dropped from 61.8%, a three-and-a-half-year high on November 21, to a low of 54.7% on December 4, before staging its latest rebound.

Analyst Income Sharks, in a post on the X platform on December 5, commented: “It’s almost as if BTC was jealous that altcoins were getting all the attention and wanted to remind everyone that it’s still the king.”

Bitcoin Dominance

What is The Current Status of The Fear and Greed Index?

The Bitcoin Market Fear and Greed Index, which analyzes market sentiment, is currently at an “extreme greed” level of 84. However, this index spiked to 94 on November 22, when Bitcoin reached its all-time high of $99,000, marking the highest level since December 2020. Social sentiment has also increased; according to Google Trends, searches for Bitcoin on December 5 saw the biggest surge of the past week.

Worldwide searches for ‘Bitcoin’ on Google. Source: Google Trends

Short Positions

Meanwhile, according to CoinGlass, $132 million worth of short positions were liquidated over the past four hours. Industry executives and analysts are celebrating Bitcoin’s “100K Day.” Coinbase CEO Brian Armstrong said, “If you had bought $100 worth of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000.” Armstrong also added, “If you had kept your $100 in cash, you would only be able to purchase about $73 worth of goods today.”

“Bitcoin is the best-performing asset of the last 12 years, and it’s still early days.”

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