Bitcoin prices rose rapidly last month, hitting a record high before quickly falling back, causing some early miners to start selling their old block rewards, putting pressure on Bitcoin prices.
According to CryptoQuant data, just after Bitcoin hit new highs, about $69 million in 1,000 Bitcoins were transferred to Coinbase to addresses more than a decade old and allegedly linked to miners.
CryptoQuant analysts said that this massive sell-off could trigger a major price drop, especially if traders are waiting to enter short trades on new highs.Â
He noted that recent Bitcoin inflows into exchanges are reminiscent of what happened before Bitcoin prices crashed on March 12, 2020, when global lockdowns as Covid-19 intensified led to Bitcoin eventually bottoming out at $3,850.
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