CryptoQuant: Bitcoin’s recent plunge may be related to early miners selling for cash

CryptoQuant data shows that just before Bitcoin reached a new high of about $69,000 before falling to $62,000, 1,000 Bitcoins worth about $69 million were transferred to Coinbase from addresses dating back more than a decade, the research firm said. The address is associated with the miner. CryptoQuant analyst Bradley Park said in an interview: “Given that exchange orders show that there is liquidity of 5-10 Bitcoins for every $100 price change, a sell-off of 1,000 Bitcoins is very likely to trigger a significant price drop. .Especially like Tuesday, when traders are waiting to short Bitcoin.” (CoinDesk)