Emre Yumlu 
The long-collapsed crypto exchange Mt. Gox transferred over 24,000 BTC to an unknown address after Bitcoin surpassed $100,000.
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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