Bitcoin has been struggling with a plague lately huge sales pressurewith various entities looking to get rid of their assets. This time, the on-chain data shows sleeping bitcoin wallet who transferred over $6.8 million in Bitcoin, suggesting that this whale may also be considering selling his tokens.

Dormant Bitcoin wallet transfers funds for first time in 12 years

Data in the chain shows that the Bitcoin wallet (1Nxxi) that was dormant for 12 years transferred funds for the first time on July 4. The wallet held $6.8 million worth of Bitcoin, and all of that money was transferred in two separate transactions. 76 BTC ($4.46 million) was initially sent from wallet to unknown address (3Ctd5) and 43 BTC (2.46 million USD) sent in the second transaction to the same unknown address.

The last outflow from this address occurred in 2012, when 2.98 BTC was withdrawn. sent to an unknown address. These recent transactions have raised concerns in the cryptocurrency community as they suggest that whale in the matter may want to get rid of its holdings. They also come at a time when Bitcoin is facing significant selling pressure.

Therefore, sales on this scale may boost Bitcoin Problems and lead to further declines for the flagship cryptocurrency. However, on-chain data shows that the 119 BTC that were sent are still intact at the unknown address (3Ctd5) they were sent to. This is undoubtedly a relief for the cryptocurrency community, as these tokens would have been sent to an exchange long ago if this whale wanted to get rid of its holdings.

Meanwhile, Bitcoin continues to face sturdy selling pressure from other entities, including German governmentChain Analytics Platform Arkham Interview revealed that the German government is selling up to $175 million worth of Bitcoin. In the past 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 to this unknown address were likely deposits into an institutional or OTC service.

Mt. Gox begins repaying creditors

Mt. Gox Cryptocurrency Exchange Shuts Down recently announced that it had begun repaying creditors. Rehabilitation Trustee The cryptocurrency exchange is said to have already made repayments in Bitcoin to some of the rehabilitation creditors through designated cryptocurrency exchanges.

This news is significant because it will cause even more confusion sales pressure on the flagship crypto, with some of these creditors likely to liquidate their holdings upon receiving repayment. Mt. Gox is expected to pay its creditors by Cryptocurrencies worth $9 billionwith the majority of these tokens being Bitcoin.

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

Featured image created with Dall.E, chart from Tradingview.com