In this period of bitcoin’s rise, a question is nagging at people’s minds: should we sell or continue to hodler? For some traders, whether novice or experienced, it is time to take profits. This is the case for some old hodlers who are looking to capitalize on their investments in bitcoin, while the queen of cryptocurrencies was flirting with new highs.
Bitcoin Whale of 2010: A Ghost of Origins Moves Millions on Coinbase
Yesterday, bitcoin surprised the whole world by reaching a new historic peak, temporarily trading above $69,000. A price peak against the euro had already been recorded the day before. In this context, many BTC holders from old wallets seem to be opting to sell, seeking to profit from this surge. This is the observation made by Bitcoin.comwhich cites the experiences of one of these former hodlers.
What a legend! »
On March 1, 2024, a mysterious bitcoin whale shook the market by moving 2,000 bitcoins dating from 2010. Four days later, that is to say today, when bitcoin reached its peak at $69,210 per coin, this same entity in transferred 1,000 more BTC.
These impressive movements were made by a bitcoin whale originating in 2010, emerging from the shadows to shake up the market. The 1,000 BTC moved is currently worth around $67 million, knowing that at the time of writing, 1 BTC = $67,174.87. Note that these funds come from the early days of cryptocurrency when the value of a bitcoin was insignificant.
THE 20 Block Rewards of 2010, all grouped into a Pay-to-Script-Hash (P2SH) address marked “36i1W”, were moved into a single transaction. This maneuver, followed by the blockchain analysis tool btcparser.com, marks the 16th recorded activity of this enigmatic whale. So far this entity has moved an impressive total of 17,000 BTC of inactive addressesoften choosing key moments for his movements.
Former miners give up their cryptos: what does this mean?
As BTC reached all-time highs, these miners chose the right time to sell their valuable block rewards. There sale of these dormant bitcoinsfrom rewards mined years ago, coincided with a market correctionraising concerns about the future of the flagship crypto.
According to Bradley Park, an analyst at CryptoQuant, this massive sell-off could have a significant impact on the price of bitcoinconsidering the low market liquidity. He compares this situation to the massive influx of bitcoin before the 40% price drop in March 2020, when the Covid-19 pandemic caused global panic.
Is this the reason for the spectacular fall that followed the March 5 Bitcoin ATH?
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