Bitcoin price retraces from $69K ATH as BTC hodlers take profit
Bitcoin price recorded a new all-time high of $69,000 on March 5; however, the time above $69,000 was short-lived as the BTC price experienced a flash crash and briefly fell below $60,000. The price crash was attributed to heavy selling from hodlers as several whales and dormant accounts woke up to take profits.
According to data from CryptoQuant, crypto exchanges witnessed a three-day streak of BTC inflows worth $525 million, suggesting traders were moving their BTC from cold storage onto exchanges to take profit in anticipation of the ATH.
One case that intrigued the crypto community was a dormant whale that awoke after 14 years to deposit 1,000 BTC ($67.1 million) to Coinbase when the BTC price was trading at $67,116. The whale mined this Bitcoin in 2010 when the price was below $0.28, suggesting that the whale has made more than $60 million in profit.
While Bitcoin hodlers took profit on their holdings, leverage traders were less lucky with more than $1 billion in leveraged positions liquidated due to price volatility, making it the largest liquidation day since the previous cycle top.
Related: Crypto derivatives’ daily trading volumes reach record highs
The Bitcoin binary spending indicator also indicates that several Bitcoin hodlers made a profit as the BTC price hit $69,000. The binary spending indicator shows the movement of BTC funds over the years based on their supply timeline.
Bitcoin also recorded the highest selling volume on Coinbase on a daily candle since the FTX crash, indicating heavy selling.
Despite the recent selling and price flash crash, not everyone wants to sell. According to CryptoQuant data, 45% of Bitcoin hasn’t moved in over three years, while 11% has not been touched for five to seven years.
Crypto analysts deemed the recent flash crash healthy for the market as it wiped out high volatility and reset the high funding rates. The funding rate represents the difference between the futures and spot markets. High funding rates indicate over-optimism in the market dominated by long traders.
Bitcoin’s price has also recovered above $66,000 within 24 hours, only 4% away from its all-time high.
Magazine: Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Skipped Bitcoin Cash? Qubetics ($TICS) Could Be Your Redemption Ticket – Top Cryptos for Significant Returns
The crypto market has been on fire lately. With the spotlight shifting to new and innovative blockchain projects, everyone’s eyes are on which cryptos will make waves this year.Bitcoin Cash: A Missed Opportunity for Significant ReturnsQubetics: Revolutionizing Digital Finance with Real-World Asset TokenizationConclusion: Time to Act on Qubetics
BTC Short Position by ETH Whale Nears $332M
A crypto whale boosts their BTC short position to $332M, facing losses and potential short squeeze risk.Whale Boosts BTC Short Position Amid Market VolatilityRisk of Liquidation LoomsStrategic Buy Orders Placed

Pakistan Launches Crypto Council Led by Finance Minister
Pakistan forms Crypto Council to boost blockchain and crypto adoption, chaired by Finance Minister Muhammad Aurangzeb.Pakistan Takes a Bold Step Toward Crypto AdoptionFinance Minister to Lead the InitiativeFocus on Innovation and Financial Inclusion

Trump Crypto Project WLFI Buys AVAX, MNT for $4M
Trump-linked crypto project WLFI buys $4M worth of AVAX and MNT, total investment hits $340M with $115M in unrealized losses.WLFI Adds AVAX and MNT to Crypto Portfolio$340M Invested Across 11 TokensHeavy Losses Despite Market Activity

Trending news
MoreCrypto prices
More








