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    Asad Shaikh in Bitcoin

    06 Mar 11:48 AM


    Bitcoin price retraces from $69K ATH as BTC hodlers take profit

    A dormant whale from 2010 woke up to sell 1,000 BTC at $69,000 ATH, racking in $68 million in profits.Bitcoin’s 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 all-time high(ATH).
    One case that intrigued the crypto community was a dormant whale that awoke after 14 years to deposit 1000 BTC($67.1 million)onto Coinbase when BTC’s price was trading at $67116.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.