A Satoshi-era Bitcoin whale transferred 2,650 Bitcoin worth about $203 million to FalconX and Cumberland over-the-counter (OTC) trading desks, in an onchain move that may signal a planned sale or liquidity transaction from the long-dormant Bitcoin miner.
The early Bitcoin (BTC) miner transferred the funds across two transactions of 1,000 BTC each and another 650 BTC transaction on Sunday, according to blockchain data platform Arkham.
The address still holds another 6,000 BTC worth about $462 million, said blockchain data platform Onchain Lens in a Monday X post.
Transfers to over-the-counter trading desks can signal a planned sale or liquidity transaction, though they do not prove the Bitcoin has been sold. Large holders often use OTC desks to access deeper liquidity without placing visible sell orders on public exchange books.
Old miner wallets are closely watched as a source of long-dormant supply. When Satoshi-era coins move to institutional trading desks, traders often read it as a potential sign that early holders are preparing to reduce exposure.
Source: Onchain Lens
Bitcoin miners face profitability pressure
The Satoshi-era Bitcoin miner’s transfer occurred as Bitcoin’s price was stuck trading in a narrow range over the past month and fell about 0.5% to trade at $77,347 at the time of writing on Monday.
This is significantly below the average Bitcoin miner production cost of about $93,175 per BTC, according to TradingView data. The development shows that miners currently selling at these price levels are selling their Bitcoin at a loss compared to the cost of producing it.
The Bitcoin average miner cost production chart. Source: TradingView
However, other analytics providers are showing different Bitcoin cost production estimates. Capriole Investment’s data estimated a Bitcoin production cost of about $57,706, while research platform CryptoRank said that public miners had an average BTC production cost of about $74,600.
When Bitcoin trades below this level, smaller mining operations may be pressured out of business, as they are forced to sell their BTC at a loss to fund operations. A March report from…
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