Data Shows Miners Sold Large Bitcoin Stashes Right Before Recent Price Plunge

• Miners appear to have sold long-dormant bitcoin from old block rewards right when BTC plunged from its all-time high on Tuesday.

• On-chain data shows 1,000 bitcoin worth $69 million were moved to Coinbase by addresses over 10 years old linked to miners before BTC's peak and plunge.

• Selling 1,000 bitcoin could trigger a significant price drop given bitcoin's thin liquidity per $100 price change.

• Influx of bitcoin into exchanges recently reminds analyst of sharp BTC inflows before 40% price crash on March 12, 2020.

• That March 2020 sell-off was also attributed to miners selling their bitcoin.