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Analysts attribute tuesday’s sharp drop on bitcoin to a sell from a Satoshi era wallet

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Bitcoin surged to a record high of over $69,000 before facing intensified selling pressure. Data from Spot On Chain, a crypto analytics service, showed that a substantial part of this selling pressure came from a wallet associated with the early days of Bitcoin, known as the “Satoshi era,” when its anonymous creator was still active.

The whale mined 1,000 BTC in 2010 when Bitcoin was valued at less than $0.28 and remained inactive for over a decade. They have now likely earned more than $67 million in profits from selling their assets.

The whale’s movement of Bitcoin into Coinbase occurred shortly after the cryptocurrency hit its previous all-time high around $69,000, only to plummet below $60,000 before rebounding swiftly.

Read Also: Bitcoin to $80k: 3 signs that Bitcoin will reach new ATH

As of the time of writing, Bitcoin is trading at $67,000 per coin, showing a recovery of more than 4.8% over the last 24 hours. This recovery comes amidst large BTC holders accumulating the cryptocurrency, even as its price nears an all-time high.

Part of the recent market frenzy can be attributed to the introduction of Bitcoin exchange-traded funds (ETFs) in the United States. Since their debut on January 11, these investment vehicles have attracted inflows totaling $7.9 billion.

On March 5, BTC ETFs experienced a significant surge in trading volume, reaching a record-breaking $10 billion. This occurred as Bitcoin achieved a new all-time high before dropping approximately 12% within the following five hours.

Bloomberg ETF analyst Eric Balchunas commented on the remarkable numbers, describing them as “bananas” for ETFs that are less than two months old. 

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