Dormant Bitcoin Whale Awakens: $6.8 Million on the Move

Wallet Activity

A Bitcoin wallet that’s been asleep for 12 years has woken up and transferred over $6.8 million worth of BTC. The funds were sent in two transactions to an unknown address.

Whale Sell-Off Concerns

This activity has raised concerns that the “whale” behind the wallet may be looking to sell their holdings. This comes at a time when Bitcoin is facing significant selling pressure.

Intact Funds

However, the transferred BTC is still sitting in the unknown address, suggesting that the whale may not be selling just yet.

Other Selling Pressure

Other entities, including the German government, are also selling large amounts of Bitcoin, adding to the selling pressure.

Mt. Gox Repayments

The defunct crypto exchange Mt. Gox has begun repaying creditors. This could lead to further selling pressure as creditors liquidate their Bitcoin holdings.

Current Bitcoin Price

As of writing, Bitcoin is trading around $54,300, down over 7% in the last 24 hours.