CryptoQuant: Before Bitcoin's new high, miner-related addresses transferred 1000 BTC to CEX
According to on-chain data released by CryptoQuant, approximately $69 million worth of 1000 Bitcoins were transferred to CEX before Bitcoin hit a historical high and plummeted. These addresses have a history of over ten years, and the research company stated that these addresses are related to miners. "Considering that the exchange platform's order book shows liquidity of 5 to 10 Bitcoins for every $100 price change, selling 1000 Bitcoins could likely trigger a significant price drop," said Bradley Park, an analyst at CryptoQuant. "Especially when traders are waiting for the historic high price of short-selling Bitcoin, just like Tuesday.
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.
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