A Bitcoin wallet dating back to the network's earliest days moved 2,650 BTC, worth approximately $203 million, to over-the-counter (OTC) trading desks in a sign of potential selling pressure from long-term holders. The transfer occurred while Bitcoin’s price of $77,347 traded significantly below some estimates of miner production costs.
The transactions were identified by blockchain data platform Arkham, which noted the funds were sent to institutional desks FalconX and Cumberland. "Transfers to over-the-counter trading desks can signal a planned sale or liquidity transaction," said blockchain data platform Onchain Lens in a post on X, adding that the address still holds 6,000 BTC worth about $462 million.
The funds were moved in three separate transactions on Sunday, comprising two transfers of 1,000 BTC each and one of 650 BTC. Large holders often use OTC desks to execute large trades without causing immediate price fluctuations on public exchanges, accessing deeper liquidity for block sales.
This move is significant as it highlights the acute financial pressure facing Bitcoin miners. With Bitcoin’s price at $77,347 at the time of the transfer, it is trading below the average production cost, which TradingView data places at $93,175. While estimates vary—Capriole Investment suggests a cost of $57,706 and CryptoRank reports an average of $74,600 for public miners—many operators are currently selling at a loss.
The profitability squeeze is forcing some miners to adapt their business models. Digital infrastructure firm Soluna Holdings, for example, is increasingly relying on its data center hosting business, which generated $6.7 million in first-quarter revenue, to offset weaker returns from its cryptocurrency mining operations, which contributed only $2.2 million.
The movement of long-dormant coins is closely watched by traders for signs of shifting market dynamics. While the sale of 2,650 BTC is a fraction of the total daily volume, a move from a Satoshi-era wallet carries symbolic weight, potentially indicating that even the earliest and most successful miners are feeling the pressure of the current market environment.
This article is for informational purposes only and does not constitute investment advice.
