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New Bitcoin ATH Triggers Massive Miner Selloff of Coins Mined in 2010

Published 03/06/2024, 07:53 PM
Updated 03/06/2024, 08:15 PM
© Reuters. New Bitcoin ATH Triggers Massive Miner Selloff of Coins Mined in 2010
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  • Early Bitcoin miners selling decade-old holdings contribute to BTC price correction.

  • Low liquidity exacerbates the impact of large sell-offs, triggering a significant price drop.

  • ProShares Short Bitcoin Strategy ETF sees the highest volume as traders bet on declining prices.

Bitcoin’s recent price correction has raised eyebrows as onchain data suggests that a significant amount of Bitcoin mined in 2010 was dumped following the all-time high (ATH) breach. This move, partially attributed to early Bitcoin miners cashing out their decade-old block rewards, has had a tangible impact on the market, with Bitcoin witnessing a decline to around $65,500 after briefly touching $69,000.

According to insights from CryptoQuant, 1,000 Bitcoins, valued at approximately $69 million, were sent to the cryptocurrency exchange Coinbase (NASDAQ:COIN) from an address dating back to 2010, just before Bitcoin hit its latest ATH.

The transfer of such a substantial amoun…

The post New Bitcoin ATH Triggers Massive Miner Selloff of Coins Mined in 2010 appeared first on Coin Edition.

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