This Dormant Bitcoin Wallet Holding $6.8 Million BTC Just Reactivated, Are They Selling?
2024年7月5日 - 11:00PM
NEWSBTC
Bitcoin has recently been plagued with massive selling pressure,
with different entities looking to offload their holdings. This
time, on-chain data shows a dormant Bitcoin wallet that transferred
over $6.8 million in Bitcoin, suggesting that this whale may also
be looking to sell their tokens. Dormant Bitcoin Wallet
Transfers Funds For First Time In 12 Years On-chain data shows that
a Bitcoin wallet (1Nxxi) that had been dormant for 12 years
transferred funds for the first time on July 4. The wallet
contained $6.8 million worth of Bitcoin, with all these funds moved
in two separate transactions. 76 BTC ($4.46 million) was initially
sent from the wallet to an unknown address (3Ctd5), and 43 BTC
($2.46 million) was sent in the second transaction to the same
unknown address. Related Reading: XRP Stars Align: Indicators
Point To Possible 7,500% Rally To $35 The last outflow from this
address came in 2012 when 2.98 BTC was sent to an unknown address.
These recent transactions have raised concerns for the crypto
community because they suggest that the whale in question may be
looking to offload its holdings. They also come at a time when
Bitcoin is facing significant selling pressure. As such, a
sale of such magnitude could compound Bitcoin’s problems and lead
to further declines for the flagship crypto. However, on-chain data
shows that the 119 BTC that was transferred is still intact in the
unknown address (3Ctd5) to which it was sent. This is undoubtedly a
relief for the crypto community since these tokens would have long
been sent to an exchange if this whale was looking to offload their
holdings. In the meantime, Bitcoin is still facing intense
selling pressure from other entities, including the German
government. On-chain analytics platform Arkham Intelligence
revealed that the German government is selling up to $175 million
worth of Bitcoin. In the last 24 hours, they have moved 1,300 BTC
($76 million) to Kraken, Bitstamp, and Coinbase. They also
transferred 1,700 BTC ($99 million) to an unknown address (139Po).
Arkham claimed that the funds to this unknown address are likely
deposits for an institutional service or OTC. Mt. Gox Begins
Repayments To Creditors Defunct crypto exchange Mt. Gox recently
announced that it has begun repayments to its creditors. The
rehabilitation trustee for the crypto exchange is said to have
already made Bitcoin repayments to some rehabilitation creditors
through designated crypto exchanges. This news is significant as it
is set to pile more selling pressure on the flagship crypto, with
some of these creditors likely to liquidate their holdings upon
receipt of their repayment. Mt. Gox is expected to pay its
creditors up to $9 billion worth of crypto, with Bitcoin accounting
for most of these tokens. Related Reading: XRP Price Attempts
Bullish Decoupling Amid Major Developments At the time of writing,
Bitcoin is trading at around $54,300, down over 7% in the last 24
hours, according to data from CoinMarketCap. Featured image
created with Dall.E, chart from Tradingview.com
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