An inactive Bitcoin wallet with $6.8 million in BTC has been turned back on, which has led to more rumors about possible sale. According to records on the blockchain, this wallet, called 1Nxxi, transferred funds for the first time in 12 years on July 4. 76 BTC ($4.46 million) and 43 BTC ($2.46 million), both sent to an unknown address marked 3Ctd5, made up the whole $6.8 million move.
In 2012, 2.98 BTC were sent from this address to an unknown address, which was the last thing that happened. Concerns have been made in the crypto community about the recent transactions, which suggest that the “whale” behind the wallet may be getting ready to sell their holdings, especially since Bitcoin is currently under a lot of selling pressure.
Bitcoin Eases Selling Fears
Even though people are worried, the 119 BTC that was sent is still in the unknown address 3Ctd5, which eases instant fears of a sell-off. The whale may not be selling just yet since it is not doing anything.
Several groups, including the German government, are still trying to get people to sell their BTC. Arkham Intelligence, an on-chain analytics tool, said that the German government is selling up to $175 million worth of BTC.
In the last 24 hours, they have moved 1,300 BTC ($76 million) to Kraken, Bitstamp, and Coinbase. Also, 1,700 BTC, which is worth $99 million, was sent to an unknown address called 139Po. This could have been for institutional service or over-the-counter payments.
Bitcoin already has a lot of problems, and now the now-defunct cryptocurrency market Mt. Gox has started paying back its debts. Some creditors have already received Bitcoin from the rehabilitation trustee through approved exchanges.
This could make more people want to sell Bitcoin, which would make the market even more volatile. Up to $9 billion in crypto, mostly Bitcoin, is likely to be paid back by Mt. Gox.
CoinMarketCap says that Bitcoin is currently worth about $54,300, which is more than 7% less than it was 24 hours ago.
