- 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.
NEW: It appears that a large amount of #Bitcoin mined in 2010 was dumped following the ATH, partially contributing to today's price correction pic.twitter.com/QeJ2s6kJLb— Jason A. Williams (@GoingParabolic) March 5, 2024
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…
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