Early miners’ addresses that have been dormant for more than 10 years have been transferred to Coinbase 1000 BTC
On March 5, the asset retested an all-time high of $69 000
06.03.2024 - 09:57
307
2 min
0
What’s new? Early bitcoin miners started sending their coins to exchanges, adding to selling pressure amid the asset’s testing of the all-time high of $69 000. Data from analytics platform CryptoQuant shows that 1000 BTC were transferred to US crypto exchange Coinbase before the asset’s exchange rate surged to a record high. The bitcoins came from multiple addresses, each of which had been storing the asset for more than a dozen years.
What else is known? According to CryptoQuant analyst Bradley Park, in a highly liquid environment, a sell-off of 1000 bitcoins is highly likely to cause a significant drop in prices, especially when traders are waiting for an opportunity to open a short position against bitcoin’s record high, as they did on Tuesday, March 5.
Shortly after early miners brought assets on the exchange, the BTC exchange rate collapsed by 12% to $60 861. By the time of writing, it had partially recovered to $66 984.
Park noted that the current influx of BTC on exchanges is similar to the situation in March 2020. Back then, amid the COVID-19 pandemic, governments around the world implemented quarantine measures and miners began to withdraw bitcoin to exchanges, causing its exchange rate to drop 40% and bottom out at $3850.
Amid the BTC correction, the crypto market’s fear and greed index fell by 15 points to 75/100 over the past 24 hours. On March 5, it reached its highest level since February 2021 at 90/100.
According to the Coinglass platform, positions worth $1,06 billion were liquidated in the crypto market overnight, with long positions accounting for 76% of that.
Last July, a wallet that had been dormant for 10 years moved all of its 1432 coins to another address. During the dormant period, they rose in value by 13 409%.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$97 980
BTC
+4.14%
-
Ethereum
$3 347.08
ETH
+9.27%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.17
XRP
+7.54%
-
Dogecoin
$0.38458
DOGE
+3%
-
Cardano
$0.796315
ADA
-0.49%
-
Bitcoin Cash
$484.08
BCH
+11.16%
-
Polkadot
$5.83
DOT
+3.67%
-
Stellar XLM
$0.244588
XLM
+0.58%
-
Litecoin
$88.77
LTC
+6.25%