Miners appear to have just sold long-dormant bitcoin, sourced from old block rewards, right when BTC plunged from its record high on Tuesday.
Given the market's thin liquidity, it could have had an outsized impact on bitcoin's price.
Bitcoin's rapid price ascent during the last month, which culminated in a new all-time high and quick reversal on Tuesday, has meant that some early miners have started selling their old block rewards – putting pressure on bitcoin's price.
On-chain data spotted by CryptoQuant shows that, just before bitcoin peaked at new highs around $69,000 and then plunged to $62,000 on Tuesday, 1,000 bitcoin worth roughly $69 million were moved to Coinbase by addresses more than a decade old and that the research firm says are linked to miners. (Shifting long-dormant tokens to Coinbase, a large crypto exchange, can be a prelude to selling.)
Given the market's thin liquidity, it could have had an outsized impact on bitcoin's price.
Bitcoin's rapid price ascent during the last month, which culminated in a new all-time high and quick reversal on Tuesday, has meant that some early miners have started selling their old block rewards – putting pressure on bitcoin's price.
On-chain data spotted by CryptoQuant shows that, just before bitcoin peaked at new highs around $69,000 and then plunged to $62,000 on Tuesday, 1,000 bitcoin worth roughly $69 million were moved to Coinbase by addresses more than a decade old and that the research firm says are linked to miners. (Shifting long-dormant tokens to Coinbase, a large crypto exchange, can be a prelude to selling.)