Lookonchain has discovered that a miner’s wallet that has been dormant for 14 years has awakened today and transferred 50 bitcoins mined in July 2010 to Binance, resulting in a profit of over $3.05 million.
After Bitcoin briefly dropped below $59,000 on the 25th, it rebounded to reach $62,487 on the 26th. However, the upward trend did not continue, and news of the US government sending 3,940 BTC (worth $240 million) from its wallet to Coinbase Prime caused Bitcoin to fall below $61,000 again, reaching a low of around $60,700.
As of the deadline, Bitcoin is temporarily reported at $61,010.12, a decrease of 1.42% in the past 24 hours.
Meanwhile, earlier today, Lookonchain detected that a miner’s wallet that has been dormant for 14 years woke up at 2 am and transferred 50 bitcoins to Binance at a price of $61,083. These bitcoins were mined on July 14, 2010, when the price of Bitcoin was only about $0.058. After 14 years of dormancy, these bitcoin assets have increased in value by over 1,053,154 times, bringing the miner a profit of over $3.05 million.
The selling off of bitcoins by miners is generally seen as one of the reasons for the recent limitations on the price of Bitcoin. QCP Capital stated on the 22nd that miners are facing significant selling pressure due to the higher breakeven price after the halving, and their total BTC reserves have decreased by 50,000 since the beginning of the year. On the 14th, QCP also stated that Bitcoin miners are surrendering after the halving, thereby limiting the price increase.
Furthermore, Bitfinex stated in its report on the 17th that miner reserves have continued to decline after the halving, indicating that miners are striving to maintain operational efficiency and continue to sell assets to sustain profitability and invest in equipment upgrades. Currently, miner reserves are approaching their lowest level in four years. However, on the other hand, the selling pressure from this group may have reached a critical low point.
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