This Quiet Bitcoin Fund Holding 6.8 Million BTC Just Relaunched, Are They Selling?

Bitcoin has recently suffered great pressure to sell, and different businesses are looking to load their goods. In this case, the on-chain data shows a dormant bitcoin wallet transferred more than $6.8 million in Bitcoin, suggesting that the whale may be looking to sell its tokens.

Dormant Bitcoin Wallet Transfers Funds For First Time In 12 Years

Data on the chain shows that the Bitcoin wallet (1Nxxi) has been inactive for 12 years transferred funds for the first time on July 4. The wallet contained $6.8 million worth of Bitcoin, and all of these funds were transferred in two separate transactions. 76 BTC ($4.46 million) was first sent from the wallet to an unknown address (3Ctd5), and 43 BTC ($2.46 million) sent in the second transaction at the same unknown address.

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The last withdrawal from this address came in 2012 when it was 2.98 BTC sent at an unknown address. These recent transactions have raised concerns in the crypto community because they suggest that a whale in question it may be looking to release its items. They also come at a time when Bitcoin is facing a lot of selling pressure.

Therefore, sales of such size may be consolidated Bitcoin problems and lead to further decline of the flagship crypto. However, on-chain data shows that the 119 BTC transferred is still at the unknown address (3Ctd5) where it was sent. This is undoubtedly a relief to the crypto community because these tokens would have been sent to the exchange if the whale wanted to release its assets.

At the moment, Bitcoin is still facing a lot of selling pressure from other organizations, including The German government. An on-chain analysis platform Arkham Intelligence it was revealed that the German government is selling Bitcoin for up to $175 million. 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 said the funds from this anonymous address may be institutional service deposits or OTC.

Mt. Gox Begins Paying Debtors

Inactive crypto exchange Mt. Gox has recently announced that it has begun to return money to creditors. I rehabilitation director because crypto exchanges are said to have already made Bitcoin payments to some creditors for renewals through designated crypto exchanges.

These issues are important as they are set to stack on others sales pressure in the crypto-flagship, some of these debtors may run out of money when they receive their payment. Mt. Gox is expected to pay creditors until 9 billion cryptowith Bitcoin accounting most of these tokens.

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At the time of writing, Bitcoin is trading around $54,300, down more than 7% in the last 24 hours, according to the data from CoinMarketCap.

The featured image was created with Dall.E, a chart from Tradingview.com