Reported by Coindesk, 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.
"Considering that the exchange order book shows 5-10 bitcoins of liquidity for every $100 price change, a sell-off of 1,000 bitcoins is highly likely to trigger a significant price drop," Bradley Park, an analyst at CryptoQuant, said. "Especially when traders are waiting to enter a short against bitcoin's all-time high like on Tuesday."
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