Dormant Bitcoin Wallet Transfers Funds For First Time In 12 Years, Raising Concerns

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.

A Bitcoin wallet that had been lying dormant for 12 years recently made its first outflow, transferring funds for the first time. The wallet contained $6.8 million in Bitcoin, and all these funds were moved in two separate transactions. A total of 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 address.

The last outflow from this address occurred in 2012 when 2.98 BTC was sent to an unknown address. These recent transactions have raised concerns in the crypto community because they suggest that the whale in question may be looking to sell their tokens. This comes at a time when Bitcoin is facing massive selling pressure.

A sale of this size could exacerbate Bitcoin's problems and result in further declines for the flagship crypto. However, on-chain data shows that the 119 BTC that was transferred is still sitting in the unknown address (3Ctd5) to which it was sent. This will come as a relief to the crypto community as these tokens would have been sent to an exchange if this whale was indeed looking to sell their holdings.

Meanwhile, Bitcoin is still facing selling pressure from other entities, such as the German government. According to on-chain analytics platform Arkham Intelligence, the German government is selling up to $175 million in Bitcoin. In the past 24 hours, they have moved 1,300 BTC ($76 million) to Kraken, Bitstamp, and Coinbase.

Additionally, they transferred 1,700 BTC ($99 million) to an unknown address (139Po). According to Arkham, the funds being sent to this unknown address are likely deposits for an institutional service or OTC.

Mt. Gox Begins Repayments To Creditors

Defunct crypto exchange Mt. Gox recently announced that it has started repaying 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 important because it will put more selling pressure on the flagship crypto, as some of these creditors are likely to sell their holdings upon receiving their repayment. Mt. Gox is expected to pay its creditors up to $9 billion in crypto, with Bitcoin making up the majority of these tokens.

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.

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