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<p>Bitcoin has recently been plagued with <a href="https://bitcoinist.com/bitcoin-miner-hodler-selling-pressure-drying-data/" rel="nofollow">massive selling pressure</a>, with different entities looking to offload their holdings. This time, on-chain data shows a <a href="https://bitcoinist.com/bitcoin-rally-40-drop-dormant-wallets/" rel="nofollow">dormant Bitcoin wallet</a> that transferred over $6.8 million in Bitcoin, suggesting that this whale may also be looking to sell their tokens.&nbsp;</p> 
<h2 id="dormant-bitcoin-wallet-transfers-funds-for-first-time-in-12-years">Dormant Bitcoin Wallet Transfers Funds For First Time In 12 Years</h2> 
<p><a href="https://mempool.space/address/1NxxietAv8oLvG3S6tUTDmftTQhD6Jv4xG" rel="nofollow">On-chain data</a> shows that a Bitcoin wallet (1Nxxi) that had been dormant for 12 years <a href="https://bitcoinist.com/german-govt-continues-to-offload-bitcoin-holdings/" rel="nofollow">transferred funds</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 <a href="https://mempool.space/tx/fa9e5b4cf7f7f78144668806f1070f92d5bdf487ce330f0d9a5ce13989dc8c99" rel="nofollow">initially sent</a> from the wallet to an unknown address (3Ctd5), and 43 BTC ($2.46 million) was <a href="https://mempool.space/tx/f0821f6d6e25a666626ada77842984a9880fd2dddb6d60f24bdc8607f2176045" rel="nofollow">sent</a> in the second transaction to the same unknown address.&nbsp;</p> 
<p>The last outflow from this address came in 2012 when 2.98 BTC was <a href="https://platform.arkhamintelligence.com/explorer/tx/c0f2376251de26201b1162e9ad6ad809ca51354edfd9ff84c74de33c576e9ea9" rel="nofollow">sent </a>to an unknown address. These recent transactions have raised concerns for the crypto community because they suggest that the <a href="https://bitcoinist.com/bitcoin-wallets-holding-10-or-more-btc-surges/" rel="nofollow">whale</a> in question may be looking to offload its holdings. They also come at a time when Bitcoin is facing significant selling pressure.&nbsp;</p> 
<p>As such, a sale of such magnitude could compound <a href="https://bitcoinist.com/bitcoin-price-tragic-june/" rel="nofollow">Bitcoin’s problems</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.&nbsp;</p> 
<p>In the meantime, Bitcoin is still facing intense selling pressure from other entities, including the <a href="https://bitcoinist.com/german-government-moves-over-150-million-in-btc-ethereum-suffers-61-million-outflows-algotech-nears-10m/#:~:text=The%20German%20government%20has%20made,Bitstamp%2C%20Coinbase%2C%20and%20Kraken." rel="nofollow">German government</a>. On-chain analytics platform <a href="https://bitcoinist.com/german-us-governments-bitcoin/" rel="nofollow">Arkham Intelligence</a> <a href="https://x.com/ArkhamIntel/status/1808796101975175473" rel="nofollow">revealed</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.&nbsp;</p> 
<p>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.&nbsp;</p> 
<h2 id="mt-gox-begins-repayments-to-creditors">Mt. Gox Begins Repayments To Creditors</h2> 
<p><a href="https://bitcoinist.com/bitcoin-supply-spikes-as-mt-gox-moves-btc/" rel="nofollow">Defunct crypto exchange Mt. Gox</a> recently announced that it has begun repayments to its creditors. The <a href="https://bitcoinist.com/mt-gox-date-for-bitcoin-and-bch-repayments6/" rel="nofollow">rehabilitation trustee</a> for the crypto exchange is said to have already made Bitcoin repayments to some rehabilitation creditors through designated crypto exchanges.</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-628084" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_19e280.png?w=460&amp;resize=460%2C450" alt="Bitcoin" width="460" height="450" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_19e280.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_19e280.png?w=460&amp;resize=460%2C450 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_19e280.png?w=46 46w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>This news is significant as it is set to pile more <a href="https://bitcoinist.com/bitcoin-miner-hodler-selling-pressure-drying-data/" rel="nofollow">selling pressure</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 <a href="https://www.newsbtc.com/news/market-analysis-how-will-mt-goxs-bitcoin-distribution-affect-crypto-prices/">$9 billion worth of crypto</a>, with Bitcoin accounting for most of these tokens.&nbsp;</p> 
<p>At the time of writing, Bitcoin is trading at around $54,300, down over 7% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow">data</a> from CoinMarketCap.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/r75Zq9Qk/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

This Dormant Bitcoin Wallet Holding $6.8 Million BTC Just Reactivated, Are They Selling?

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