An unknown user sold 1000 BTC mined in 2010, earning approximately $68 million.
A wallet from 2010 woke up yesterday and dumped 1000 $BTC, cashing in around $68 million ?
That’s why we corrected pic.twitter.com/USZDjFlR0e
— Quinten | 048.eth (@QuintenFrancois) March 6, 2024
In early March, an early Bitcoin miner consolidated coins from several wallets.
On March 5, amid Bitcoin reaching a new price high, the sum was transferred to Coinbase.
When the user mined the cryptocurrency in 2010, Bitcoin was valued at about $0.28.
Some commentators suggested that the sale of such an amount was at least one reason for the correction of digital gold to below $62,000.
Opponents noted that after the approval of spot Bitcoin ETFs in the US, the market has become much more stable. The daily trading volume of these cryptocurrency-based exchange products reached $10 billion.
MILESTONE: the ten Bitcoin ETFs did $10b in volume today, smashing prev record set last Wed.. Volatility and volume go hand in hand with ETFs so not totally surprised. That said these are bananas numbers for ETfs under 2mo old. $IBIT, $FBTC, $BITB, $ARKB all w record days. pic.twitter.com/rIdbhoYifV
— Eric Balchunas (@EricBalchunas) March 5, 2024
Back in January, CryptoQuant analysts noted the movement of 49,866 BTC that had been dormant for over five years. However, the coins were not sent to an exchange.