Despite the Nasdaq hitting another all-time high, Bitcoin fell 6% in a week.

* Bitcoin fell 6% in a week even as the Nasdaq climbed to a record high.

* Cryptocurrency-specific factors, such as profit-taking by holders and increased selling by miners, appear to be suppressing BTC prices.

Bitcoin (BTC) is down more than 6% in seven days, deviating from its usual positive correlation with the stock market’s tech-heavy Nasdaq Composite Index.

While popular narratives blame Bitcoin’s slide on the Federal Reserve’s decision to signal just one U.S. interest rate cut for the rest of the year, tech stocks extended gains following Wednesday’s decision, suggesting that crypto-specific factors may be preventing Bitcoin from keeping pace with the Nasdaq.

“When markets continue to sell off at a particular level, it has little to do with events, narratives, or fundamentals. Rather, large sellers believe that prices are overvalued at this level,” said Markus Thielen, founder of 10x Research. “The all-time high of nearly 70,000 in November 2021 was the level at which long-term holders were willing to sell Bitcoin as they were the most likely candidate to cash out.”

Earlier this week, a wallet that had been inactive since 2018 moved 8,000 BTC worth more than $500 million to the cryptocurrency exchange Binance. Transfers from wallets to exchanges are often a sign of an impending sale. The wallet reportedly acquired the BTC for less than $4,000 per coin.

Data tracked by analytics firm CryptoQuant shows a decline in the amount of BTC that has been inactive for at least 12 and two months, suggesting holders are taking profits as bitcoin prices near all-time highs.

“Addresses with a supply disruption of 1 and 2 years have been selling since prices hit all-time highs. This is offsetting accumulation by long-term holders (+3 years),” Ilan Solot, co-head of digital assets at Marex Solutions, said in an email on Wednesday.

According to Thielen, 1.8 million BTC have not moved in more than a decade, likely including 1.1 million BTC mined by Satoshi himself. Thielen noted: “That’s why we also expect most Mt.Gox holders to convert their BTC to fiat currency once they own it in October/November 2024.

As CoinDesk reported in April, Mt. Gox, the cryptocurrency exchange that imploded in a 2014 hack, is preparing to distribute 142,000 bitcoins (BTC) worth about $9.5 billion and 143,000 bitcoin cash (BCH) worth $73 million to creditors. The distribution could have a significant impact on digital asset prices. Last year, the trustee of the defunct exchange set a deadline of Oct. 31, 2024 to repay creditors.

Another reason for BTC price weakness could be increased sales by miners, or those responsible for producing coins. Miners receive BTC as a reward for approving blockchain blocks, as well as additional income from user transaction fees.

Publicly traded miner Marathon Digital (MARA) has sold 1,400 bitcoins worth $98 million this month. According to CryptoQuant, miners sold at least 1,200 BTC through over-the-counter desks on June 10, the highest daily volume in more than two months.

The hash rate, or computing power dedicated to the Bitcoin blockchain, has fallen from 622 exahashes per second (EH/s) to 599 EH/s this month, a sign of miner capitulation.

The 18-month uptrend in BTC hashrate has been broken, suggesting some miners are capitulating, Ki Young Ju said.