Lookonchain detected that a miner’s wallet, which had been dormant for 14 years, became active today. The wallet transferred 50 bitcoins mined in July 2010 and sent them to Binance, yielding over $3.05 million.
Background:
Bitcoin Plunges: Is the 14-Year Dormant “Satoshi-Era Miner” Clearing 1000 BTC Profiting 240,000x the Reason for the Drop?
After briefly plummeting to below $59,000 on the 25th, Bitcoin rebounded to touch $62,487 yesterday, the 26th. However, the upturn was short-lived. Following reports that the U.S. government’s wallet had sent 3,940 BTC (worth $240 million) to Coinbase Prime, Bitcoin once again fell below $61,000, reaching a low of around $60,700.
At the time of writing, Bitcoin stands at $61,010.12, marking a 1.42% decline within the past 24 hours.
Source: Binance
Dormant Miner Sells BTC After 14 Years
Simultaneously, earlier today, Lookonchain discovered that a dormant miner’s wallet reactivated at 2 AM, transferring 50 bitcoins to Binance at a price of $61,083 each. These bitcoins were mined on July 14, 2010, when the price of Bitcoin was only about $0.058. After 14 years of dormancy, the value of these bitcoins has increased by over 1,053,154 times, yielding the miner over $3.05 million in profit.
Source: bitinfocharts
Miners selling off BTC seen as one reason for restricted BTC price
Miners selling off bitcoins are widely regarded as one of the reasons for the recent constraints on Bitcoin prices. QCP Capital stated on the 22nd that miners are facing significant selling pressure due to higher breakeven prices post-halving, with a reduction of 50,000 BTC in total reserves since the beginning of the year. On the 14th, QCP noted that Bitcoin miners were undergoing a post-halving “surrender,” thereby limiting price increases.
Moreover, Bitfinex’s report on the 17th mentioned that after the halving, miners’ reserves have continued to decline, indicating their efforts to maintain operational efficiency. They are also selling assets to sustain profitability and invest in equipment upgrades. Currently, miners’ reserves are approaching their lowest levels in four years. Conversely, this group’s selling pressure may have already reached a critical low.
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