TechFlow reports that Bitcoin's price surged rapidly last month, hitting a new all-time high before quickly retreating, prompting some early miners to start selling their old block rewards, putting downward pressure on Bitcoin's price.
According to data from CryptoQuant, shortly after Bitcoin reached its peak, approximately 1,000 bitcoins worth around $69 million were transferred to Coinbase. These addresses are over ten years old and are believed to be linked to miners.
CryptoQuant analysts noted that such large-scale selling could trigger a significant price decline, especially as traders await short opportunities at new highs. They pointed out that the recent inflow of Bitcoin into exchanges resembles the situation prior to Bitcoin's sharp drop on March 12, 2020, when global lockdowns intensified due to the Covid-19 pandemic, ultimately driving Bitcoin down to $3,850.
