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Bitcoin buyers who purchased around when it hit a $109,000 all-time peak in January are now panic-selling as the cryptocurrency declines, says onchain analytics firm Glassnode, which isn’t ruling out that Bitcoin could slide to $70,000.

Glassnode said in a March 11 markets report that a recent sell-off by top buyers has driven “intense loss realization and a moderate capitulation event.”

Short-term holders fled as Bitcoin dropped from peak

The surge in buyers paying higher prices for Bitcoin (BTC) in recent months is reflected in the short-term holder realized price — the average purchase price for those holding Bitcoin for less than 155 days.

In October, the short-term realized price was $62,000. At the time of publication, it’s $91,362 — up about 47% in five months, according to Bitbo data.

Meanwhile, Bitcoin is trading at $81,930 at the time of publication, according to CoinMarketCap. This leaves the average short-term holder with an unrealized loss of roughly 10.6%.

Glassnode said that short-term holders’ realized price shows it is apparent that “market momentum and capital flows have turned negative, signaling a decline in demand strength.” 

“Investor uncertainty is affecting sentiment and confidence,” it added.

Glassnode said that short-term holders are “deeply underwater” between $71,300 and $91,900 and warns that Bitcoin could bottom out as low as $70,000 if selling persists.

“The probability of forming a temporary floor in this zone is meaningful, at least in the near term,” Glassnode said.

Market research firm 10x Research labeled it a “textbook correction” in a March 10 note, adding that with Bitcoin’s dip below $80,000, “approximately 70% of all selling came from investors who bought within the last three months.”

Related: Bitcoin slides another 3% — Is BTC price headed for $69K next?

On the same day, BitMEX co-founder Arthur Hayes said that Bitcoin may retest the $78,000 price level and, if that fails, may head to $75,000 next.

Glassnode explained that a similar sell-off Bitcoin pattern was seen in August when Bitcoin fell from $68,000 to around $49,000 amid fears of a recession, poor employment data in the United States, and sluggish growth among leading tech stocks.

However, Bitcoin has spiked 7.5% over the past 24 hours as the US market steaded on March 11 after plunging a day earlier after US President Donald Trump refused to rule out that a recession was on the cards.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Learn MoreBitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K

A solo Bitcoin miner using a relatively cheap, pocket-sized crypto mining rig has solved one of the blockchain’s blocks and earned the full $263,000 reward.

The miner became the 297th solo miner to mine a Bitcoin block from the solo.ckpool Bitcoin (BTC) mining pool, its developer, Con Kolivas, said in a March 10 X post.

He added the miner used a 480-gigahash per second (GH/s) Bitaxe machine. For comparison, many big crypto-mining companies use machines that can operate at over 230,000 GH/s.

“A miner of this size has only less than a 1 in a million chance of finding a block per day, or put alternatively, would take 3,500 years to find a block on average,” Kolivas added.

The miner snared a total of 3.15 BTC for solving block 887,212, which was timestamped on March 10 at 7:22 pm UTC. That bounty includes the current 3.125 Bitcoin mining reward and another 0.025 Bitcoin from transaction fees, mempool.space data shows.

A 1,200 gigahash Bitaxe Gamma 601 machine, which is nearly three times more powerful than the one used by the solo miner, is priced at around $158, according to Bitcoin miner marketplace ASIC Miner Value.

ASIC Miner Value estimates that the Bitaxe Gamma 601 will make just over $20 a year while using around $18 worth of electricity, coming out to a yearly net profit of under $3.

It also states the odds of the Bitaxe Gamma 601 mining a solo block on any given day is one in 4.6 million, or one in 12,700 over a year.

Related: Solo miner snags Bitcoin block reward worth $300K

Solo Bitcoin miners rarely solve blocks, let alone those with tiny mining rigs.

Most Bitcoin is mined from the larger pools such as Foundry USA — which obtains a large share of its hashrate from public Bitcoin miners like Cipher Mining, Bitfarms and Hut 8.

The largest public Bitcoin mining firm by market cap and hashrate, MARA Holdings, uses its own Bitcoin mining pool, MARA Pool.

While pocket-sized Bitcoin miners are hardly profitable, some of these micro miners are being built in an open-source manner to fight the “secrecy and exclusivity” of the Bitcoin mining industry, one of the builders of Bitaxe miners, “Skot,” told Cointelegraph in a September 2023 interview.

Most Bitcoin miners, such as those made by Bitmai,n are closed-sourced, which runs contrary to Bitcoin’s ethos, Skot said.

“The advent of these open-source projects serves to shed light on this often opaque area, making it more transparent and accessible to the public.”

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Learn MoreLone Bitcoin miner wins block using tiny, cheap rig — ‘1 in a million chance’

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StarkWare has established a Strategic Bitcoin Reserve, committing to holding a growing share of its treasury in BTC as part of its broader push to integrate the flagship crypto into its Starknet Layer 2 network. While it has not disclosed the size of its holdings, CEO Eli Ben-Sasson said the company is leading by example, […]

The post StarkWare bolsters Bitcoin strategy with new strategic reserve and L2 integration appeared first on CryptoSlate.

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Learn MoreStarkWare bolsters Bitcoin strategy with new strategic reserve and L2 integration