Lookonchain monitored the on-chain addresses and found that a miner's wallet that had been silent for 14 years woke up today and transferred 50 bitcoins mined in July 2010 to Binance, making a profit of more than 3.05 million US dollars.
After falling below $59,000 on the 25th, Bitcoin rebounded to $62,487 on the 26th. However, the rally failed to continue. After news broke that the U.S. government's wallet sent 3,940 bitcoins (worth $240 million) to Coinbase Prime, Bitcoin fell below $61,000 again, reaching a low of about $60,700.
As of press time, Bitcoin was trading at $61,010.12, down 1.42% in the past 24 hours.
Miner who has been dormant for 14 years sells Bitcoin
At 2 a.m. today, Lookonchain monitored the on-chain address and found that a miner's wallet that had been dormant for 14 years woke up and transferred 50 bitcoins to Binance at a price of $61,083. These bitcoins were mined by the miner on July 14, 2010, when the price of bitcoin was only about $0.058. After 14 years of silence, the value of these bitcoins has increased by more than 1,053,154 times, bringing the miner more than $3.05 million in profits.
Miner selling may be one of the reasons why Bitcoin prices are limited
Miners selling Bitcoin is widely seen as one of the reasons for the recent price constraints on Bitcoin. QCP Capital said on the 22nd that due to the higher break-even price after the halving, miners are facing huge selling pressure, and their total BTC reserves have decreased by 50,000 compared with the beginning of the year. On the 14th, QCP pointed out that Bitcoin miners are experiencing "capitulation" after the halving, thus limiting price increases.
In addition, Bitfinex wrote in a report on the 17th that after the halving, miner reserves continued to decline, indicating that miners are struggling to maintain operational efficiency and continue to sell assets to maintain profitability and invest in upgrading equipment. Currently, miner reserves are close to the lowest level in four years, but conversely, the selling pressure of this group may be close to a critical low.
