bitcoin has recently been plagued by bitcoin-miner-hodler-selling-pressure-drying-data/” rel=”nofollow”>massive selling pressurewith different entities looking to unload their holdings. This time, on-chain data shows a bitcoin-rally-40-drop-dormant-wallets/” rel=”nofollow”>Inactive bitcoin Wallet which transferred over $6.8 million worth of bitcoin, suggesting that this whale could also be looking to sell its tokens.
Dormant bitcoin wallet transfers funds for the first time in 12 years
Data on chain shows that a bitcoin wallet (1Nxxi) that had been inactive for 12 years bitcoin-holdings/” rel=”nofollow”>transferred funds for the first time on July 4. The wallet contained $6.8 million worth of bitcoin, and all of these funds were moved in two separate transactions. 76 btc ($4.46 million) were initially sent from the wallet to an unknown address (3Ctd5), and 43 btc ($2.46 million) were sent in the second transaction to the same unknown address.
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The last outflow from this address occurred in 2012, when 2.98 btc were issued. sent to an unknown address. These recent transactions have raised concerns in the crypto community because they suggest that bitcoin-wallets-holding-10-or-more-btc-surges/” rel=”nofollow”>whale The company in question may be looking to offload its holdings. Moreover, they come at a time when bitcoin is facing significant selling pressure.
As such, a sale of such magnitude could aggravate bitcoin-price-tragic-june/” rel=”nofollow”>bitcoin's Problems and trigger further declines for the flagship cryptocurrency. However, on-chain data shows that the 119 btc that was transferred is still intact at the unknown address (3Ctd5) that it was sent to. This is undoubtedly a relief for the cryptocurrency community as these tokens would have long ago been sent to an exchange if this whale had been looking to offload its holdings.
Meanwhile, bitcoin is still facing intense selling pressure from other entities, including the btc–ethereum-suffers-61-million-outflows-algotech-nears-10m/#:~:text=The%20German%20government%20has%20made,Bitstamp%2C%20Coinbase%2C%20and%20Kraken.” rel=”nofollow”>German GovernmentOn-chain analytics platform bitcoin/” rel=”nofollow”>Arkham Intelligence x.com/ArkhamIntel/status/1808796101975175473″ rel=”nofollow”>revealed 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 or OTC service.
Mt. Gox begins paying its creditors
bitcoin-supply-spikes-as-mt-gox-moves-btc/” rel=”nofollow”>Cryptocurrency exchange Mt. Gox no longer exists recently announced that it has begun paying its creditors. bitcoin-and-bch-repayments6/” rel=”nofollow”>Rehabilitation Trustee The cryptocurrency exchange is said to have already made bitcoin refunds to some rehabilitation creditors through designated cryptocurrency exchanges.
This news is important because more will accumulate bitcoin-miner-hodler-selling-pressure-drying-data/” rel=”nofollow”>Selling pressure in the flagship cryptocurrency, and some of these creditors are likely to liquidate their holdings upon receiving their repayment. Mt. Gox is expected to pay its creditors up to $9 billion in cryptocurrenciesbitcoin being the largest representative 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, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
