Bitcoin has been plagued lately enormous selling pressure, where various entities want to forgive their assets. This time, on-chain data lets a dormant Bitcoin wallet who transferred more than $6.8 million worth of Bitcoin, indicating that this whale may also want to sell their tokens.
Dormant Bitcoin wallet transfers money for the first time in 12 years
Data in the chain shows that a Bitcoin wallet (1Nxxi) had been inactive for 12 years money transferred for the first time on July 4. The wallet contained $6.8 million worth of Bitcoin, with all of these funds moved in two separate transactions. That was 76 BTC ($4.46 million). initially shipped 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.
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The last outflow from this address came in 2012 when there was 2.98 BTC sent to an unknown address. These recent transactions have raised concerns among the crypto community as they suggest that the whale in question might want to get rid of his assets. They also come at a time when Bitcoin is facing significant selling pressure.
As such, a sale of such magnitude could worsen 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 at the unknown address (3Ctd5) it was sent to. This is undoubtedly a relief for the crypto community, as these tokens would have been sent to an exchange long ago if this whale wanted to get rid of their holdings.
In the meantime, Bitcoin continues to face intense selling pressure from other entities, including the German government. On-chain analytics platform Arkham Intelligence revealed that the German government is selling $175 million worth of Bitcoin. In the last 24 hours, they 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 at this unknown address are likely deposits for an institutional service, or OTC.
Mount Gox starts making refunds to creditors
Defunct crypto exchange Mt. Gox recently announced that it has started making repayments to its creditors. The rehabilitation counselor for the crypto exchange is said to have already made Bitcoin refunds to some creditors through designated crypto exchanges.
This news is important because it will continue to pile up sales pressure on the flagship crypto, with some of these creditors likely to liquidate their holdings after receiving their refund. Mount Gox is expected to pay its creditors until $9 billion in cryptocurrencywith Bitcoin accounting for the majority of these tokens.
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At the time of writing, Bitcoin is trading around $54,300, down more than 7% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
