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Bitcoin has recently experienced widespread selling pressure from various entities seeking to liquidate their holdings. Recent on-chain data highlights a dormant wallet which transferred over $6.8 million worth of cryptocurrency tokens – suggesting this whale may also be selling their tokens.
On-chain data indicates that on July 4 a Bitcoin wallet (1Nxxi), which had lain dormant for 12 years, transferred funds for the first time ever in its entire lifespan – that amounting to $6.8 million worth of Bitcoin – for two separate transactions from this wallet (1Nxxi). Of these transfers 76 BTC ($4.46 Million) were sent initially from 1Nxxi’s address (3Ctd5) while 43 BTC ($2.46 Million) followed shortly afterwards via 2 separate transfers towards unknown addresses (3Ctd5; both transfers ended up at their destinations on 4 July 4.
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The last transaction from this address occurred in 2012 when 2.98 BTC were sent to an unknown recipient address. Recent outflows suggest the whale could be offloading some or all of his/her holdings at this critical juncture when Bitcoin has come under pressure for sellers.
As such, such a sale could exacerbate Bitcoin’s current issues and contribute to further declines. But on-chain data shows that the 119 BTC that was transferred remains intact within its unknown address (3Ctd5) which should come as some relief to crypto enthusiasts as these tokens might otherwise have been sent off-exchange.
Bitcoin continues to experience increased selling pressure from various entities and government bodies such as Germany’s own government, according to Arkham Intelligence’s on-chain analytics platform Arkham Intelligence. German officials reportedly sold off up to $175 million worth of cryptocurrencies within 24 hours alone via Kraken, Bitstamp and Coinbase platforms – amounting to an impressive 1,300 BTC ($76 Million).
Arkham also sent more than $99 Million ($1,700 BTC) to an unspecified address (139Po). According to Arkham, these funds may represent deposits for institutional services or OTC trading platforms.
Mt. Gox Commences Repayments To Creditors Mt. Gox recently made news headlines when its rehabilitation trustee began paying back its creditors through designated cryptocurrency exchanges. Reportedly, Bitcoin payments had already begun being sent directly from some rehabilitation creditors back into Mt. Gox’s account.
Source: X This news is significant because it will likely exert greater selling pressure on cryptocurrency assets like Bitcoin; Mt. Gox may pay its creditors up to $9 billion worth of crypto tokens as reimbursement, with Bitcoin constituting most of them.
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At time of writing, Bitcoin was trading around $54,300 at CoinMarketCap data was updated, showing an 8.70% decline over 24 hours (Source: BTCUSD on Tradingview.com for image and chart creation)
