{"id":628074,"date":"2024-07-05T14:00:48","date_gmt":"2024-07-05T14:00:48","guid":{"rendered":"https:\/\/uniquehot.com\/?p=628074"},"modified":"2024-07-06T11:31:56","modified_gmt":"2024-07-06T11:31:56","slug":"bitcoin-wallet-holding-6-8-million","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-wallet-holding-6-8-million\/","title":{"rendered":"This Dormant Bitcoin Wallet Holding $6.8 Million BTC Just Reactivated, Are They Selling?"},"content":{"rendered":"

Bitcoin has recently been plagued with <\/span>massive selling pressure<\/span><\/a>, with different entities looking to offload their holdings. This time, on-chain data shows a <\/span>dormant Bitcoin wallet<\/span><\/a> that transferred over $6.8 million in Bitcoin, suggesting that this whale may also be looking to sell their tokens.\u00a0<\/span><\/p>\n

Dormant Bitcoin Wallet Transfers Funds For First Time In 12 Years<\/h2>\n

On-chain data<\/span><\/a> shows that a Bitcoin wallet (1Nxxi) that had been dormant for 12 years <\/span>transferred funds<\/span><\/a> for the first time on July 4. The wallet contained $6.8 million worth of Bitcoin, with all these funds moved in two separate transactions. 76 BTC ($4.46 million) was <\/span>initially sent<\/span><\/a> from the wallet to an unknown address (3Ctd5), and 43 BTC ($2.46 million) was <\/span>sent<\/span><\/a> in the second transaction to the same unknown address.\u00a0<\/span><\/p>\n

Related Reading: XRP Stars Align: Indicators Point To Possible 7,500% Rally To $35<\/a><\/div>\n

The last outflow from this address came in 2012 when 2.98 BTC was <\/span>sent <\/span><\/a>to an unknown address. These recent transactions have raised concerns for the crypto community because they suggest that the <\/span>whale<\/span><\/a> in question may be looking to offload its holdings. They also come at a time when Bitcoin is facing significant selling pressure.\u00a0<\/span><\/p>\n

As such, a sale of such magnitude could compound <\/span>Bitcoin\u2019s problems<\/span><\/a> and lead to further declines for the flagship crypto. However, on-chain data shows that the 119 BTC that was transferred is still intact in the unknown address (3Ctd5) to which it was sent. This is undoubtedly a relief for the crypto community since these tokens would have long been sent to an exchange if this whale was looking to offload their holdings.\u00a0<\/span><\/p>\n

In the meantime, Bitcoin is still facing intense selling pressure from other entities, including the <\/span>German government<\/span><\/a>. On-chain analytics platform <\/span>Arkham Intelligence<\/span><\/a> revealed<\/span><\/a> that 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.\u00a0<\/span><\/p>\n

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 service or OTC.\u00a0<\/span><\/p>\n

Mt. Gox Begins Repayments To Creditors<\/h2>\n

Defunct crypto exchange Mt. Gox<\/span><\/a> recently announced that it has begun repayments to its creditors. The <\/span>rehabilitation trustee<\/span><\/a> for the crypto exchange is said to have already made Bitcoin repayments to some rehabilitation creditors through designated crypto exchanges.<\/span><\/p>\n

\"Bitcoin\"
Source: X<\/figcaption><\/figure>\n

This news is significant as it is set to pile more <\/span>selling pressure<\/span><\/a> on the flagship crypto, with some of these creditors likely to liquidate their holdings upon receipt of their repayment. Mt. Gox is expected to pay its creditors up to <\/span>$9 billion worth of crypto<\/span><\/a>, with Bitcoin accounting for most of these tokens.\u00a0<\/span><\/p>\n

Related Reading: XRP Price Attempts Bullish Decoupling Amid Major Developments<\/a><\/div>\n

At the time of writing, Bitcoin is trading at around $54,300, down over 7% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price reclaims $55,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has recently been plagued with massive selling pressure, with different entities looking to offload their holdings. This time, on-chain data shows a dormant Bitcoin wallet that transferred over $6.8 million in Bitcoin, suggesting that this whale may also be looking to sell their tokens.\u00a0 Dormant Bitcoin Wallet Transfers Funds For First Time In 12 Years On-chain data shows that a Bitcoin wallet (1Nxxi) that had been dormant for 12 years transferred funds for the first time on July 4. The wallet contained $6.8 million worth of Bitcoin, with all these funds moved in two separate transactions. 76 BTC ($4.46 million) was initially sent 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.\u00a0 Related Reading: XRP Stars Align: Indicators Point To Possible 7,500% Rally To $35 The last outflow from this address came in 2012 when 2.98 BTC was sent to an unknown address. These recent transactions have raised concerns for the crypto community because they suggest that the whale in question may be looking to offload its holdings. They also come at a time when Bitcoin is facing significant selling pressure.\u00a0 As such, a sale of such magnitude could compound Bitcoin\u2019s 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 in the unknown address (3Ctd5) to which it was sent. This is undoubtedly a relief for the crypto community since these tokens would have long been sent to an exchange if this whale was looking to offload their holdings.\u00a0 In the meantime, Bitcoin is still facing intense selling pressure from other entities, including the German government. On-chain analytics platform Arkham Intelligence revealed that 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.\u00a0 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 service or OTC.\u00a0 Mt. Gox Begins Repayments To Creditors Defunct crypto exchange Mt. Gox recently announced that it has begun repayments to its creditors. The rehabilitation trustee for the crypto exchange is said to have already made Bitcoin repayments to some rehabilitation creditors through designated crypto exchanges. This news is significant as it is set to pile more selling pressure on the flagship crypto, with some of these creditors likely to liquidate their holdings upon receipt of their repayment. Mt. Gox is expected to pay its creditors up to $9 billion worth of crypto, with Bitcoin accounting for most of these tokens.\u00a0 Related Reading: XRP Price Attempts Bullish Decoupling Amid Major Developments At the time of writing, Bitcoin is trading at around $54,300, down over 7% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":628236,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-628074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nThis Dormant Bitcoin Wallet Holding $6.8 Million BTC Just Reactivated, Are They Selling?<\/title>\n<meta name=\"description\" content=\"Bitcoin has recently been plagued with massive selling pressure, with different entities looking to offload their holdings. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Dormant Bitcoin Wallet Holding $6.8 Million BTC Just Reactivated, Are They Selling?","url":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-wallet-holding-6-8-million\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-wallet-holding-6-8-million\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/Bitcoin-whale.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/Bitcoin-whale.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-07-05T14:00:48Z","datePublished":"2024-07-05T14:00:48Z","dateModified":"2024-07-06T11:31:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Dormant Bitcoin Wallet Holding $6.8 Million BTC Just Reactivated, Are They Selling?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-wallet-holding-6-8-million\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-wallet-holding-6-8-million\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-whale.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-whale.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-07-05T14:00:48Z\",\"datePublished\":\"2024-07-05T14:00:48Z\",\"dateModified\":\"2024-07-06T11:31:56Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/Bitcoin-whale.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/628074"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=628074"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/628074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/628236"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=628074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=628074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=628074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}