Bitcoin Faces Pressure as Dormant Wallet Transfers $6.8 Million
A dormant Bitcoin wallet (1Nxxi) that had been inactive for 12 years made significant moves on July 4, transferring $6.8 million worth of Bitcoin.
This involved two transactions totaling 119 BTC ($6.8 million), fueling concerns of potential selling pressure amidst the market’s volatility.
The wallet sent 76 BTC ($4.46 million) to an unknown address (3Ctd5) initially, followed by another 43 BTC ($2.46 million) in a subsequent transaction to the same address.
Despite fears, on-chain data reveals that the BTC remains untouched at the destination (3Ctd5), alleviating immediate concerns of rapid sell-offs.
READ MORE: Bitcoin Analyst Predicts Potential Peak by January 2025
In parallel, the German government’s sale of $175 million in Bitcoin to major exchanges like Kraken, Bitstamp, and Coinbase, along with a transfer of 1,700 BTC ($99 million) to an undisclosed address (139Po), adds to Bitcoin’s selling pressure.
Additionally, Mt. Gox’s commencement of repayments to creditors, expected to distribute up to $9 billion in crypto assets, primarily Bitcoin, further complicates market dynamics and volatility.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
