After Bitcoin once fell below US$59,000 on the 25th, it rebounded and hit US$624.87 million yesterday (26th). However, the rise failed to continue, and 3,940 BTC (worth 240 million) were sent to Coinbase Prime from the US government’s wallet. After the news broke , Bitcoin fell below $61,000 again, reaching a minimum of about $60,700.
At the time of writing, Bitcoin was temporarily trading at $61,010.12, down 1.42% in the past 24 hours.
Miners who have been dormant for 14 years sell BTC
At the same time, earlier today, Lookonchain monitored the address on the chain and found that a miner’s wallet, which had been dormant for 14 years, woke up at 2 a.m. today and transferred 50 Bitcoins to Binance at a price of $61,083. Bitcoin mined on July 14th.
At that time, the price of Bitcoin was only about US$0.058 . After 14 years of silence, the value of these Bitcoin assets increased by more than 1,053,154 times, and brought the miner more than US$3.05 million in profits.
Miner selling may be one of the reasons why BTC prices are limited
The selling of Bitcoin by miners is widely seen as one of the reasons for the recent cap on Bitcoin prices. QCP Capital stated on the 22nd that in view of the higher breakeven price after the halving, miners are facing huge selling pressure, and its total BTC reserves have decreased by 50,000 from the beginning of the year. On the 14th, QCP stated that Bitcoin miners were experiencing "capitulation" after the halving, thus limiting price increases.
In addition, Bitfinex wrote in a report on the 17th that after the halving, miners’ reserves continued to decline, indicating that miners are working hard to maintain operating efficiency and continue to sell assets to maintain profitability and invest in upgrading equipment. Miners' reserves are currently near their lowest levels in four years, but conversely, selling pressure from this group may have reached critical lows.
