Bitcoin's Test of All-Time Highs Means Old Miners Are Cashing Out
Summary
Bitcoin's recent price surge and subsequent drop was influenced by early miners selling their old block rewards. On-chain data revealed that 1,000 bitcoin, worth about $69 million, were moved to Coinbase by decade-old addresses linked to miners just before bitcoin peaked at new highs of around $69,000 and then fell to $62,000. The movement of long-dormant tokens to Coinbase often precedes a sell-off. The recent influx of bitcoin into exchanges is reminiscent of the sharp increase in BTC inflows before the 40% price drop in March 2020, which was also triggered by miners.
