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Bitcoin price drops from $69K ATH as hodlers profit

In 2010, a dormant individual profited $68 million by selling 1,000 Bitcoin at the peak price of $69,000.

Bitcoin hit a record high of $69,000 on March 5 but quickly dropped to $67,091 in a flash collapse, briefly falling below $60,000. Whales and inactive accounts began selling to make a profit, causing a significant decline in price as holders also sold off their assets.

Crypto exchanges had a three-day period when $525 million worth of BTC was deposited, as reported by CryptoQuant. This suggests that traders were moving their BTC from secure storage to exchanges to make profits before reaching an all-time high.

An event in the cryptocurrency community gained significant interest when a dormant whale suddenly transferred $1,000,000,000 (or 1,000 BTC) to Coinbase when the price of BTC was $67,116 after 14 years of inactivity. In 2010, when Bitcoin was priced at less than $0.28, a large investor mined it, resulting in a profit of $60 million.

Bitcoin holders fared better than leverage traders, with over $1 billion in leveraged positions being liquidated on the day of the most significant liquidation since the last cycle top.

The Bitcoin binary spending indicator indicates that certain holders made a profit when the price of BTC crossed $69,000. The binary spending indicator tracks the movement of Bitcoin over time-based on its supply history.

Bitcoin saw significant selling activity, with the highest selling volume on Coinbase in a single day since the FTX crisis.

Only some people want to sell, despite the recent surge in selling activity and subsequent price drops. According to CryptoQuant data, 11% of Bitcoin has remained unchanged for five to seven years, while 45% has not been transferred for over three years.

The recent flash collapse reduced substantial volatility and reset high financing rates, leading cryptocurrency observers to see it as advantageous for the sector. The difference between the spot and futures markets is called the financing rate. A market where long traders are predominant may be too optimistic, as shown by elevated financing rates.

Bitcoin's price surpassed $66,000 inside a day, coming within 4% of its high.