Bitcoin’s recent test of all-time highs has led to old miners cashing out their long-dormant bitcoin, according to on-chain data spotted by CryptoQuant. Just before Bitcoin reached its peak at around $69,000 and then swiftly dropped to $62,000, 1,000 bitcoin worth approximately $69 million were transferred to Coinbase from addresses that are more than a decade old and associated with miners. This influx of bitcoin into exchanges, reminiscent of the sharp increase in BTC inflows before the 40% price drop in March 2020, could have a significant impact on the price due to the market’s thin liquidity.
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Bitcoin’s Test of All-Time Highs Means Old Miners Are Cashing Out
